Harrah’s makes bid for UK casino operator
The UK casino and bingo operator Rank has turned down an approach from its US counterpart Harrah’s Entertainment, it has been reported.
According to the Sunday Telegraph, the group was effectively offered all of Harrah’s UK-based casinos in return for a 28 per cent stake in its growing operations.
Since the smoking ban came into effect, the profits of all UK gaming operators have been badly hit, with the damage exacerbated by recent limits imposed on the number of slot machines allowed in casinos.
According to reports from within the industry, Rank remains a target for investment, with Malaysia’s Genting also rumoured to be in the running.
The news comes as Harrah’s, which is well-known as the operator behind the World Series of Poker, is in the process of being taken over by equity funds Apollo Management LP and TPG Capital.
Just last year, the gaming giant acquired a stake in the UK casino market through its purchase of London Clubs International.