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Smoking and gaming legislation blamed for Rank bad news15 October 2007LONDON, England -- As reported by The Guardian: "Rank unnerved investors with more bad news yesterday as it blamed the smoking ban and new gambling regulations for tumbling revenues. "The company's shares slid more than 20% after it warned that profits could fall well below last year's level. It unveiled double-digit falls in like-for-like revenues at its Mecca Bingo halls and a sharp drop in takings at its UK casinos. "Chief executive Ian Burke said a big part of the hit was down to the change in legislation that means bingo halls can have no more than four high-prize fruit machines, which can pay out as much as £500..." |