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Online Casinos Group Preparing to Sell

The last year has certainly put some challenges in the paths of many of the internet gambling companies – between the U.S. withdrawal from the online casinos gambling market, smoking bans that affect land gambling and betting facilities, and other government restrictions on the gambling industry, some companies are showing the strain. Rank plc is well known in the land and online casinos and has several prominent holdings that are keeping the company afloat. But at the same time, the gambling group has several divisions and subsidiaries that are less lucrative and may have caused enough losses in the past year that Rank is considering selling the company.

This is pure speculation at this point. Rumors that the land and online casinos gambling group could face sale stems from the company transferring the company’s pension program. By all appearances the land and online casinos gambling group plans to put a strong recovery effort in place in 2008. But if that should prove unsuccessful, Rank could very well prepare the company for complete sale, or by splitting of products and divisions in the company. Rank’s 2007 financial report indicated that the company’s online casinos gambling division, Blue Square, is the only sector that really performed well in 2007. Other areas contributed to an overall drop in both revenue and pre-tax profits for the 2007.

The land and online casinos gambling group has also announced that the company’s bingo operations are not doing well so far this year. But the CEO of Rank, Ian Burke, acknowledges that the company has some challenges to face. He remarks, “We expect 2008 to be a challenging year for Rank.” But at the same time Burke emphasizes that the company is looking to “overcome the near-term issues facing our businesses."