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Rank Reverses Sales Decline, Helped by New Machines (Update2)

Dec. 18 (Bloomberg) -- Rank Group Plc, the second-largest U.K. casino owner, said the installation of more high-jackpot electronic gambling machines helped reverse a sales decline, sending the stock to its highest level in more than two months.

Sales at outlets open at least a year increased 1 percent in the 15 weeks ended Dec. 14, Maidenhead, England-based Rank said today in a statement. For the 50 weeks to that date, revenue fell 7 percent on the same basis, Rank said.

The bingo-club owner has installed at least 310 new machines since the industry gained permission this year to operate twice as many high-jackpot terminals. The government raised the limit in an effort to halt a drop in industry attendance that was exacerbated by last year’s ban on indoor public smoking.

“While the outlook for the U.K. economy in 2009 is uncertain, Rank has taken a number of key actions this year to strengthen the group’s position,” the company said in the statement. “Trading for the current financial year remains in line with market expectations.”

Rank rose 0.5 penny, or 0.8 percent, to 65 pence in London trading. The shares have slid 29 percent this year, less than the 42 percent retreat by the 27-company FTSE 350 Travel & Leisure Index.

Mecca Bingo

Sales at Mecca Bingo were unchanged in same-outlet terms during the 15 weeks, giving an 11 percent drop for the 50-week period, Rank said. Revenue climbed 4 percent on the same basis at Grosvenor Casinos, producing a 50-week decline of 3 percent. Revenue growth slowed the Blue Square betting Web site, with a 1 percent 15-week gain trimming growth to 3 percent after 50 weeks.

Rank said it expects a one-time pretax gain of 44 million pounds ($68 million), reflecting the overpayment of tax between 2003 and 2007. Rank said Nov. 10 it received 59.1 million pounds in overpaid sales tax after a tribunal ruling.

As a result of the ruling, Rank said it also expects a benefit of about 13 million pounds to sales and 6 million pounds to operating profit at Mecca Bingo this fiscal year.

Malaysia’s Hong Leong Group controls about a fifth of Rank, making it the company’s biggest shareholder.