Rank Group Manages to Counter Bingo Sales Fall Somewhat - 05-09-08

May 9 - In the first ten weeks of 2008, there was a slide of ten percent at casino and bingo hall outlets owned by the UK gambling operator, the Rank Group, leading to a decision by management to take quick and immediate steps to counter this fall.

As a result, the company decided on certain strategic moves that could ease the fall of sales and these have proven quite successful. Financial reports for the first seventeen weeks of the year show that revenue fell only 8% at the Rank Group bingo outlets and casinos.

"We have achieved a degree of success in adjusting to the smoking ban and the new gaming regulations and have taken timely action to protect profits," said a spokesman for the Rank Group. "Nevertheless, we are conscious that the difficult consumer climate is likely to make 2008 a challenging year for the gaming sector."

To counter the fall in sales, the Rank Group, which also runs Mecca bingo halls and Grosvenor casinos across the width and breadth of the United Kingdom, opened up sheltered outdoor gaming areas to allow its smoking players to still enjoy their favorite games without the need to go outside to light up. According to statistics, more than half of bingo players are smokers - double the rate of the general population - making the new indoor smoking bans particularly harmful for the Rank Group.

Rank Group shares trade around 93p on the London Stock Exchange and the company is estimated to be worth around 363 million GBP or just over $700 million.

After selling its Hard Rock hotel, restaurant and casino unit last year, Rank's profits doubled to 311 million GBP.

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