Rank Group exits Belgium with £25m casino sale

Thu, 29th Oct 2020

Gambling company The Rank Group is to exit Belgium through the sale of its only remaining casino in the country. The company has agreed to sell its Blankenberge casino and associated digital licence to Kindred Group for a total consideration of £25 million, subject to regulatory approvals in Belgium. The proceeds will be used to reduce debt, the company said, while the disposal will also contribute to Rank's transformation programme. The Rank Group chief executive John O'Reilly said the sale 'secures the next chapter for a great venue in Belgium'. 'As a standalone casino, the business was non-core to Rank's international growth plans and the £25 million sale proceeds supports the group's liquidity and future growth initiatives,' he added. At 8:09am: (LON:RNK) Rank Group PLC share price was -4.4p at 85.6p Story provided by StockMarketWire.com

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