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Rank says bingo, casino revenue stabilising

 
/2008-02-29/

LONDON, Feb 29 (Reuters) - Gambling firm Rank (RNK.L: Quote, Profile, Research) said on Friday its hard hit bingo halls and casino were showing some signs of recovery, adding that it had transfered its pension plans to Goldman Sachs.

The Mecca bingo, Grosvenor casino and Blue Square firm said year profit before tax and exceptional items from continuing operations was 52.3 million pounds ($103.7 million) from revenue of 534.4 million pounds.

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In the first 8 weeks of the year bingo like-for-like revenues fell 13.5 percent, those for casino dropped 13.4 percent, while its fast growing online business Blue Square saw revenues rise 14.9 percent.

It added that it had sold its pension fund to Goldman Sachs (GS.N: Quote, Profile, Research) subsidiary Rothesay Life for at least 20 million pounds.

The deal is expected to complete in June and will save Rank 30.8 million pounds in contributions.

(Reporting by Marc Jones; editing by Rory Channing)

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