Another story from the BBC:
Rank - which runs casinos and Mecca bingo halls - has won a High Court case which its advisers say could cost the taxman up to £500m.
Rank was entitled to £62m on value added tax overpaid on slot machines and mechanised cash bingo takings, it said.
It follows some UK gaming and bingo machines being exempt from VAT while similar machines were subject to the tax - a disparity illegal under EU law.
The judge said that there were over 1,000 similar claims outstanding.
Posted by casino man in Gambling News at 2:41 PM BST
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Another story from the BBC:
Gambling firm Rank has reported a rise in revenues at its Mecca bingo halls, thanks in part to it being allowed to add more high pay-out slot machines.
Rank has been able to increase the numbers of these machines in the bingo halls since new gambling laws came into effect on 1 September last year.
As a result, Rank said like-for-like revenues at the Mecca outlets were up 2% in the six weeks since 1 September.
Looking ahead Rank warned that the economic downturn may hit its business.
Posted by casino man in Gambling News at 10:41 AM BST
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Another story from the BBC:
Wet summer weather and strong growth at the Blue Square internet business have helped to lift half-year results from gaming group Rank.
Revenues for the six months to 30 June were up 2.3% to £284.6m, with adjusted pre-tax profits up to £37.3m from £21.9m in the same period last year.
The damp weather helped business at Rank’s Mecca Bingo halls.
Rank also said it was "encouraged" by sales at its Mecca halls in England since the smoking ban began on 1 July.
Posted by casino man in Gambling News at 12:41 PM BST
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Another story from the BBC:
Leisure group Rank has blamed cost rises for a drop in profits at its Mecca bingo and Grosvenor casinos.
The group posted annual profits of £85.4m, against £98.8m last year, but insisted there had been positive recent trends at the two outlets.
Rank still hopes to find a buyer for its Deluxe DVD and CD manufacturing and distribution business, put on sale in 2005 with its Deluxe film services.
Outgoing CEO Mike Smith admitted group operating performance had been "mixed".
Posted by casino man in Gambling News at 12:11 PM GMT
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More from The Times Online:
LADBROKES, the betting arm of Hilton Group, is understood to be weighing up a bid for Rank Group, the £2.5 billion owner of Mecca Bingo and Grosvenor Casinos, once its proposed demerger from Hilton’s hotel arm is completed.
However, there was strong speculation last night that several leading private equity firms were already preparing to approach Hilton about buying Ladbrokes, which is worth about £3.7 billion and has 2,570 shops in the UK, the Channel Islands, the Irish Republic and Belgium.
The speculation comes after an announcement yesterday that Hilton Group, which owns the rights to the Hilton name outside the United States, is in talks to sell its hotel business to America’s Hilton Hotels Corporation (HHC) for an estimated £3.6 billion.
In a statement, Hilton Group said: “The board confirms that it has received an indicative offer from Hilton Hotels Corporation, which it is currently evaluating. Discussions are ongoing and are subject to the resolution of a number of issues.”
Posted by casino man in Gambling News at 8:11 AM BST
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