Rumour About Genting

Rumour About Genting

Rank looks a sitting duck for a takeover and dealers continue to hear whispers that Malaysian giant Genting is sniffing around. Apparently, it would like to put some casinos into its hotels.

It has been reported that Genting, the Malaysian company that owns Stanley Leisure, is rumoured to be building a stake. However, the source also downplayed a possible bid for Rank by Genting. He said that Genting’s focus is currently on strengthening its presence in its home market of Malaysia, which is “a massive undertaking for them.” The source also added that Genting owns UK-based casino and gaming outfit Stanley Leisure and, as such, a takeover offer of Rank could prove to be anti-competitive as the enlarged entity would own almost half of the existing casino licenses in the UK.

A source familiar with Genting said, “never say never, but I think a Genting bid for Rank in the short term is unlikely.” He explained that they are slightly different businesses; Rank’s main business is bingo. Bingo has taken a big hit in the recent past with the introduction of the smoking ban in the UK.