Rank Group is still in the news. The gambling organisation, which operates Mecca Bingo and online casinos in the United Kingdom, Spain and Belgium among other gambling activities, has non executive directive Brendan O’Neill announcing that he is resigning at the end of the year.
O’Neill brought many years of experience to Rank. He had previously held position with Imperial Chemical Industries, Guinness Brewing, Ford and HSBC bank. His departure will not affect service to Rank’s more than two million customers.
Last week Rank rejected an offer from Harrah’s to swap some of their London Clubs casinos for twenty-eight percent of Rank stock. Then it was announced that Malaysian based gambling company Genting had purchase 9.4 percent of Rank stock as a preemptive move to prevent other companies from acquiring Rank. Rank holds one third of the gambling licenses available in the United Kingdom. The Genting purchase helped the Rank shares gain on the FTSE. GuocoLeisure Ltd. also might be buying Rank shares, according to speculative rumors.
Rank, like other United Kingdom bingo operators, has been feeling the financial effects of the smoking ban and the new regulations. If the situation doesn’t change, Rank expects their profits for the year to be down.