Rank Casino News
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The United States has more casinos than any other country on the planet. There are nearly 300 gambling properties in Las Vegas alone. World Casino News covers the changing casino landscape across the country by highlighting changes in gambling law & legislation, announcing casino proposals, providing project updates as they occur, and reporting on casinos that have been sold or slated for. Wynn Macau Ltd to raise US$766mln net from add-on notes. Dec 16, 2020 Newsdesk Latest News, Macau, Top of the deck. Macau casino operator Wynn Macau Ltd said in a Wednesday filing it expected to raise US$765.9 million net from an add-on issuance of senior unsecured notes valued at a principal amount of US$750.
Grosvenor Casinos’ parent company, The Rank Group Plc, has revealed 7,000 of its workforce has been furloughed.
The gambling giant made an announcement to the London Stock Exchange on March 17 that highlighted a some key areas of its business affected by the COVID-19 pandemenic.
World Casino Directory Global Gaming Summary 2019. We've been following global gambling trends worldwide for nearly two decades here, and one observation we can make from the numbers over the years is that gambling is a very important industry with no end in sight to its growth. Global gaming supplier Novomatic has signed a new agreement with Rank Entertainment Holdings Group in Africa. Rank Holdings, which runs casinos in Sri Lanka and Africa, launched the Casino Marina Blantyre in Malawi on 22 October. Novomatic subsidiary, Novomatic Africa, has provided a number of products for the casino floor. Wynn Macau Ltd to raise US$766mln net from add-on notes. Dec 16, 2020 Newsdesk Latest News, Macau, Top of the deck. Macau casino operator Wynn Macau Ltd said in a Wednesday filing it expected to raise US$765.9 million net from an add-on issuance of senior unsecured notes valued at a principal amount of US$750.
Rank revealed that its UK venues remained profitable despite the obvious slowdown in trading. The company’s Spanish and Belgian venues closed following social distancing rules in their respective countries. This resulted in temporary lay offs.
At the time, Rank’s UK venues were allowed to continue operating. Rank estimated it would cost it £25 million per month if the British government changed its stance. Shareholders also heard how Rank has a £40 million tax bill looming in April, although I is revolving credit facilities worth £85 million, plus total available cash of £163 million.
United Kingdom Enters Lockdown Phase
The March 17 update came six days before Prime Minister Boris Johnson made his unprecedented address the nation, effectively putting the United Kingdom in a state of lockdown. The government had certainly changed its stance.
The UK has been in a lockdown state since March 23. All non-essentially businesses are still closed to the public a month later. Casinos and other gambling venues are not classified as essential so are, therefore, closed an unable to generate any revenue from their bricks and mortar venues.
This has led to Rank taking advantage of the government’s job retention scheme where the government pays 80% of employees wages if they are unable to work due to the COVID-19 pandemic.
Rank issued a trading statement on April 20 that informed investors it was furloughing 7,000 of its staff, while preparing “for difficult trading conditions” when it is allowed to reopen its venues.
“The short-term economic impact to our venues businesses has been significant, but we have acted swiftly and decisively to mitigate where appropriate. Across our UK venues and support offices, circa 7,000 colleagues, out of a UK workforce of 7,600, have been furloughed. Where relevant, Rank has topped up the UK Government's Coronavirus Job Retention Scheme ('CJRS') so that all colleagues in furlough will receive 80% of their salary. The executive and non-executive directors have volunteered a 20% reduction in salaries and fees with effect from 1 April for as long as our colleagues are in furlough. The positive cash impact of the UK's CJRS, and similar schemes in Spain and Belgium, will be approximately £8m per month.”
Rank's Players Flock Online
Rank’s digital operations are thriving as casino, poker, and bingo players flock online as they’re unable to play in a live setting. As a responsible gambling operator, Rank has tightened its problem gambling measures.
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“We have introduced elevated levels of control to ensure the highest levels of protection for our digital customers, including the introduction of lower deposit level triggers for safer gambling interactions, heavy promotion of setting deposit limits to out customers and stopping all social media advertising amongst a range of other measures during the lockdown period.”
Rank Casino Group
It’s been a rollercoaster for Rank’s shareholders over the past two months. Shares were trading at 326 pence per share on February 20th before plummeting to on 91.3 pence per share on March 23rd. They’ve since climbed to 159.80 pence per share, but that values the company at approximately £625 million less than on February 20th.