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Rank numbers plummet16 October 2007ENGLAND -- As reported by This is Money: "It could be Number 90 for bingo halls as a shock profits warning from operator Rank last week sent its shares plummeting to an all-time low, leading industry sources to warn that the entire sector could be under threat. "In bingo caller parlance 90 is 'the end of the line'. Faced with the smoking ban and restrictions on gaming machines, the odds seem to be stacked against the operators. "...On Friday, Rank admitted to worried shareholders that it had seen a 'significant deterioration' in revenue in recent weeks, with a 19 per cent drop in turnover at Mecca Bingo, the country's number two bingo business. "The collapse in sales was attributed to a combination of the smoking ban, which came into effect on July 1, and new legislation brought in under the 2005 Gambling Act that forced Rank to get rid of nearly all of its fruit machines with £500 jackpots, traditionally a huge draw..."
Rank numbers plummet
is republished from Online.CasinoCity.com.
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