This week Kindred Group announced that they've come to terms with Rank Group to purchase the subsidiary group that operates Casino Blankenberge in Belgium.
The agreement will give Kindred an important license in Belgium for online betting in the country. Kindred will purchase 100% of the shares in the casino at a price of £25 million and will be funded with cash.
Commenting on the deal a Kindred spokesperson said, "The acquisition will solidify Kindred's long-term operations and commitments in Belgium and will allow Kindred to continue to offer an attractive broad offering to Belgian customers."
There are only nine land casinos in Belgium, and it brings in millions of Euros in terms of revenues every year. While land-based profits are nice, it appears that Kindred will be banking on the online gaming license that the casino holds.
Rank CEO John O'Reilly also commented on the agreement, noting: "Today's announcement of the sale of the Blankenberge casino secures the next chapter for a great venue in Belgium and a team that deliver an excellent customer experience to the local community.
"As a standalone casino, the business was non-core to Rank's international growth plans and the £25m sale proceeds supports the Group's liquidity and future growth initiatives."