The Rank Group has finalized the transfer of its gambling establishment and related digital permits in Blankenberge, Belgium, to the Kindred Group.
The agreement was declared last fall, with the terms outlining that Kindred would acquire all of the shares in Blancas, Rank’s subsidiary that manages the casino. As per the agreement, Kindred acquired the enterprise for £25 million (€29.3 million/$34.5 million) in cash, free of any outstanding debts. Rank stated that the funds from the sale will bolster its financial flexibility and upcoming endeavors as part of its “Transformation 2.0” strategy.
Kindred has been collaborating with Blancas since 2012, when the nation’s online gambling regulations mandated that online gambling operators have a physical partner to provide online casino, live dealer games, and poker. The Blankenberge casino is one of nine land-based venues in Belgium, and has been under Rank’s ownership since 1998. The concession agreement signed with the city of Blankenberge was renewed in 2018, with a new 15-year operating license becoming effective this January.
The transfer confirms Rank’s withdrawal from the Belgian casino market, following the company’s closure of its operations in Middelkerke in 2017.
Become a part of the online gaming world and receive the most recent news and information!
