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Galaxy to make debt announcement
Galaxy Entertainment, which this year is due to open Galaxy Macau
(pictured), has completed its strategic review of funding options for
the venue and will announce its decision late in January. The plan
will not involve the sale of equity. It is also to buy back US$106m
(E73.8m) of its 2010 bonds, which it expects will save it $5.7m
(E4m) in interest payments.
Modern approach boosts
Rank despite recession
A year ago, as Rank’s share price was at 60 per cent of what it is now, there was a
good deal of speculation about takeover bids. Although disappointed by gambling law
reform in the UK, and forced to rethink its business model, the company is succeeding
where others are not.
higherrank the impact of the smoking
RANK GROUP ban, the recession and the
weather both at the start and
One of the UK’s major casino the end of the year.
and bingo operators, the Again a new approach has
Rank Group, has said that its helped Mecca. The company
revenues for year to 27 said in its statement: “Spend
December 2009 were three per visit grew principally as
The G Casino brand, as
here in Luton, has helped
per cent up on the previous a result of product and
Rank to grow its casino
year and that its profits service improvements to our
business despite the
would also be higher – near amusement machines offer. economic pressure
the top end of analysts esti- And while customer visits
mates. were lower, the rate of
In its trading update decline has slowed.”
before the full final results Despite a revenue
are released towards the end increase of two per cent
of February, the company from the Spanish bingo busi-
said that its Grosvenor ness, that was brought about
Casinos division saw a like- entirely by the relative
for-like hike in revenues of strength of the euro against
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three per cent, a figure that sterling. In euros, the divi-
excludes the effects of club sion saw a fall in revenue of
openings and closures, as nine per cent with four per
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well as changes to the tax cent fewer visitors, although
regime in card room games again the decline has
made in the government slowed.
budget in 2009. The division The online gaming and
saw actual revenues rise sportsbook division, Rank
seven per cent in the year. Interactive, saw overall rev-
In the final 12 weeks of enues fall by four per cent,
2009, like-for-like revenues despite a rise of seven per
from the casinos were up cent from the gaming sites:
four per cent, and by 11 per sportsbook revenue, a highly
cent in real terms. competitive area, dropped
Revenue growth was by 38 per cent in the year.
driven by a larger number of The last quarter, however,
visitors to Grosvenor’s saw an improving year-on-
venues – up by 20 per cent year picture, with gaming
in the fourth quarter and by up by 14 per cent, sports-
13 per cent for the year. The book down by 18 per cent
company has been under- and an aggregated increase
taking a rebranding exercise in revenue of seven per cent.
at many of its casino, pro- Looking ahead, the
moting the more youthful, company said: “Rank [has]
relaxed and hipper G delivered an encouraging
Casinos concept – ten of trading performance in an
Grosvenor’s 34 UK venues uncertain consumer
now operate under the climate. The group’s land-
brand. The company intends based businesses each
to increase that number to strengthened their market
20 by the end of 2012. The positions through opera-
company also operates two tional improvements and
Innovation, Performance, & Reliability
casinos in Belgium. considered investment to
TITO, Ticket-Out, and Desktop Printing Solutions
In another sign perhaps enhance standards of
of the younger crowd being service and product. During
for Slots, Lottery & Betting Terminals, and AWP Games
attracted and of the lacklus- 2010, Rank will continue to
tre economy, spend per visit invest in its businesses, with Lowest Cost Solutions
in the final quarter was down particular focus on the G
Highest Paper Capacity and Lowest Paper Waste
by seven per cent and by six Casino brand and the devel-
per cent for the year. opment of Mecca’s Full
World-Class Service and Support
At Rank’s other land-based House concept.”
businesses, Mecca Bingo and It continued: “While the
Local Support from
Top Rank España, the situa- outlook for consumer confi- Product Integration to Floor Installation
tion was reversed: fewer vis- dence during 2010 is
itors generated more unclear, the board believes
revenues. Mecca Bingo saw that the quality of the
three per cent fewer people group’s customer proposi-
walk in the doors, however tions and the relative
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together they spent four per strength of its financial posi-
cent more resulting in tion will enable to continue IXWXXUHU ORRJLFLQFFFRPR

revenue growth for the year to progress, improving its
of two per cent: steady given competitive position.”
February 2009 • productnews 87
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