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Firm expands Internet, telephone betting operations

Tuesday, Jan. 21, 2003 | 9:51 a.m.

LONDON -- Rank Group Plc, the owner of the Hard Rock Cafe chain and Grosvenor casinos, today said it agreed to buy the U.K.'s Blue Square Ltd. for 65 million pounds ($104 million) to expand in Internet and telephone betting.

Rank, which also owns Mecca bingo halls, said the combination of Blue Square with Rank Interactive Gaming, its online betting unit, will bring it more customers who play casino games such as roulette and blackjack through the Internet, telephone and TV.

"We have shown consistent growth in our bingo clubs and casinos as well as our online businesses," Chief Executive Mike Smith said in the statement. "This acquisition is financially attractive and complementary to our existing operations."

Blue Square, 83 percent-owned by Intercapital Private Group Ltd., will add about 3 million pounds to Rank's earnings, before goodwill amortization, with 5 million pounds of cost savings targeted in the first financial year, Rank said.

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