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| | | November 29 - Large Las Vegas-based casino group, Harrah?s Entertainment, has
had its offer to buy a large share of UK-based land and online gambling group,
Rank, surprisingly rejected.
According to recent reports in a leading daily British newspaper, Rank spurned
the undisclosed offer by Harrah's Entertainment that would have seen the Las
Vegas casino operator owning 28 per cent of the British gambling concern in
return for Harrah's UK casino holdings.
While neither party were available for comment, the deal would have meant that
Rank would have increased its holding in the British Isles and given Harrah's
Entertainment a foothold in the lucrative UK and European land and online
gambling market.
It is still unclear why Rank, which has experienced a knock in its share price
in the last year due to the forced removal of its highly-profitable slot
machines from public areas as well as a smoking ban that has affected attendance
in its bingo halls, turned down the offer.
There is speculation, however, that Rank might have been uncomfortable with
giving away 28 percent of its ownership to an American company. Currently,
Harrah's Entertainment is in the process of being acquired by private equity
fund firms, TPG Capital and Apollo Management LP.
Harrah's Entertainment currently owns casinos and resorts in Las Vegas, Atlantic
City, Reno, Taho, New Orleans and Tunica, which it largest properties including
Caesars Palace, Harrah's Las Vegas and Paris Las Vegas.
Rank's businesses include Mecca Bingo, Top Rank Espa?Grosvenor Casinos and
Blue Square.
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