Online Bingo News
RANK SELLS OFF MECCA BINGO HALLS
17/07/2006In a deal struck with Earth Estates Limited and Solarus Estates Limited, the agreement sees the 40 Mecca bingo halls and four Grosvenor casinos sold for £211 million.
Rank will now lease back these properties for 15 years, starting off at £11.2 million per year, helping to pay back some of the debts the company owes.
It had been speculated that Rank would be selling off its portfolio of Hard Rock cafes but this has so far failed to materialise.
One cause of the group's recent struggles has been the smoking ban enforced in Scotland which has impacted upon revenues.
This has, in turn, been hugely beneficial to the online bingo industry which has been able to attract more players frustrated by the fact that they can't smoke while playing their favourite numbers game.
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