FORGET ABOUT RANK BINGO SAYS WILL HILL

9 March 2007

UK bookie group no longer interested in a takeover

UK Bookmaker William Hill has ruled out a bid for gaming company Rank after announcing a profit increase of 47 percent for 2006 (see previous InfoPowa report).

Chief executive David Harding, apparently in bear mode, said that a takeover was not on the agenda, explaining that because of the current climate in both the bingo and casino industry it was increasingly unlikely that multi-platform gaming businesses would evolve in the next few years.

Harding went on to say that the online poker and casino sector had endured a "...challenging second half after an encouraging start to the year", due to US legislation which caused increased competition in the European markets.

"When the US closed down, a number of firms relocated to Costa Rica so you saw a flight to Costa Rican-based sites not just from American players but also some European players so that hit our poker business harder than we'd expected," he said.

"However, I am delighted with the performance of the group, particularly the retail business, which has prospered this year following the successful integration of Stanley,'' Harding concluded.

Net income for the gaming company rose to GBP166.8 million in the fiscal year ended 26 Dec, from GBP113.1 million in the previous year, driven largely by wagers placed on the World Cup tournament according to a statement.

Pre-tax profit for the year reached GBP235.4 million compared with GBP174.6 million the previous year, while gross win increased by 15 percent to GBP931.3 million against GBP807.7 million the year before.

Online Casino News courtesy of InfoPowa

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