Glitnor Group and KaFe Rocks call off acquisition, citing market conditions

The Rank Group has reported a 6 percent year-on-year increase in its total net gaming revenue (NGR), reaching £182.3 million in the third quarter of its 2023/24 financial year. This growth has been attributed to the performance of various business segments within the company.

The Grosvenor casino venues, the largest contributing segment, generated £80 million of the total revenue, marking a 3 percent year-on-year improvement1. This growth was facilitated by a 5 percent increase in visitor numbers and a 2 percent rise in average weekly NGR. The digital segment of , delivering an additional £55 million, up 6 percent on a like-for-like basis.

Meanwhile, the Mecca bingo venues outpaced other segments, with revenue improving 12 percent year-on-year to £37.3 million. This was driven by a 5 percent increase in customer visits and a 7 percent increase in the average spend per visit. In Spain, the operator’s Enracha venues contributed a further £10 million in NGR, reflecting a year-on-year growth of 9 percent. These figures culminated in the group’s total NGR for the first nine months of its 2023/24 financial year reaching £544.9 million, up 8 percent. John O’Reilly, the CEO of Rank Group, expressed satisfaction with the company’s progress across both venue and online businesses. He highlighted that the Q3 trading was very much in line with the board’s expectations. O’Reilly also mentioned the upcoming land-based reforms from the government’s white paper, which the company looks forward to implementing in the coming months. In other developments, the Rank Group has entered into an agreement to sell its holding in Passion Gaming, an Indian online rummy business. The sale, which is for a nominal consideration, is expected to complete in the coming weeks.

Following the publication of these results, investment bank Peel Hunt reiterated its Buy rating for stock and set a target price of £112. It’s worth noting that after peaking at more than £3 in February 2020, shares in Rank Group have been on a downward trajectory, dipping as low as 56p in October 2022. Over the past month, shares have been traded between 66p and 73p,

As of the latest update, The Rank Group Plc (RNK.L) is trading at GBp71.00

Helena de Senna Fernandes, Head of the Macao Government Tourism Office (MGTO), predicts a significant increase in inbound tourists to during the upcoming Labour Day holiday. Projections indicate an average of 130,000 visitors per day, surpassing previous holiday peaks observed during Cheng Ming and Easter. 

Fernandes highlights the extended duration of this year's Labour Day holiday in mainland China, spanning five days from May 1 to May 5. This prolonged holiday period is anticipated to attract a larger influx of mainland tourists to Macau, contributing to the city's tourism resurgence. 

With Chief Executive Ho Iat Seng's announcement of forthcoming between Macau and Hengqin for mainland tour groups, Fernandes expresses industry anticipation for these measures. The implementation of such initiatives is expected to revitalize mainland tour groups, fostering increased business opportunities for Macau's tour guides and travel agencies. 

Fernandes highlights the readiness of many Macau tour guides, who have acquired qualifications to operate in Hengqin during the pandemic through training and learning initiatives. She anticipates that the new multi-entry visa scheme will enable Macau tour guides to expand their professional scope, facilitating work opportunities between Macau and Hengqin.  

Despite challenges posed by the pandemic, Fernandes remains optimistic about Macau's international tourism prospects. With a goal of welcoming 2 million international tourists throughout the year, Fernandes expresses confidence in surpassing this target based on promising data from the first quarter of the year. 

Last month, Macau’s Statistics and Census Service said that visitors from South Korea and Thailand top the list of its . The list also includes visitors from Mainland China. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details . 

The Philippine Amusement and Gaming Corporation (PAGCOR) announced the appointment of lawyer Wilma Eisma as its new President and Chief Operating Officer (COO). Eisma was sworn into office before Executive Secretary Lucas Bersamin at Malacañang Palace, in Manila, marking a significant milestone for  as she becomes the agency's first female President and COO.  

In a press release, Chairman Alejandro Tengco expressed his confidence in Ms. Eisma's appointment, citing her extensive experience in both the public and private sectors. He highlighted her past achievements, including her tenure as the first female Administrator and Chairman of the Subic Bay Metropolitan Authority (SBMA), as well as her contributions to PMFTC Inc., among other leadership roles.  

 “We know she will be a great asset, and her vast experience in both the government and private sectors will surely be put to good use here,” Tengco said.  

Following her oath-taking ceremony, Eisma immediately joined her first PAGCOR Board meeting. She succeeded Atty. Juanito Sanosa Jr. as PAGCOR President and COO, who resigned from the position in January.   

Last March, PAGCOR  the agency remitted an elevated dividend contribution to the Philippine Treasury. The firm attributed this to its robust financial performance throughout 2023, highlighted by a staggering PHP79.37 billion (€1.3 billion) in gross revenues and net earnings of PHP6.13 billion (€100.5 million).    

Moreover, the agency said it is projecting  and international prominence for the Philippines’ gaming landscape. The Southeast Asian country recorded a gross gaming revenue (GGR) of Php285.27 billion (€4.70 billion) in 2023, surpassing pre-pandemic records. PAGCOR is anticipating GGR to go up with a new integrated resort (IR) opening every year starting with Solaire North in Quezon City. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details . 

The United Kingdom’s Competition and Markets Authority (CMA) has launched a comprehensive investigation into the acquisition of Sporting Index by Spreadex, both of which are major players in the sports-betting industry. This move comes after Spreadex declined to address the regulator’s concerns about the deal.

The acquisition and its implications

Spreadex, a leading sports spread-betting firm, acquired its rival Sporting Index  The details of the acquisition, which was completed last year, have not been disclosed.. However, the deal has raised eyebrows in the regulatory community due to its potential implications for competition in the UK sports spread-betting market.

The CMA’s initial investigation (Phase 1) found that the deal could potentially create a monopoly in the UK This is because Sporting Index and Spreadex are the only two licensed operators of sports spread betting in the UK. The removal of Sporting Index from the market could therefore leave Spreadex as the sole provider, raising concerns about reduced competition,

Regulatory scrutiny and need for remedies

Regulators in the UK and across the Atlantic have been increasing their scrutiny of acquisitions, particularly those involving companies with access to large volumes of user data. Such deals are typically approved only after the companies involved offer remedies to address any competition concerns.

In this case, the CMA gave Spreadex and Sporting Index five working days from 4 April to propose meaningful solutions to the concerns raised. However, Spreadex stated that it would not be submitting any undertakings to address these concerns.

In response to the CMA’s decision to launch a Phase 2 investigation, Spreadex has stated that it will continue to assist and cooperate with the ongoing review. Sporting Index, on the other hand, has not yet responded to requests for comment.

The outcome of the CMA’s in-depth investigation into the Spreadex-Sporting Index deal will be closely watched by industry stakeholders and regulators alike. It serves as a reminder of the importance of competition in the marketplace and the role of regulatory bodies in ensuring that acquisitions do not lead to monopolies or reduced competition. This situation highlights the importance of businesses actively and openly addressing any issues raised by regulators.