Kindred Group has completed the purchase of the Rank Group’s Casino Blankenberge land-based facility in Belgium, as well as the accompanying digital licence.
Kindred invested £25 million (€29.3 million/$34.5 million) in cash to buy the company debt-free.
The proceeds from the transaction, according to Rank, will help the company’s liquidity and future initiatives as part of its Transition 2.0 programme.
Kindred solidified it’s Belgium commitment to Blancas NV purchase, a Rank subsidiary that runs the casino, under the terms of the deal, which were revealed in October of last year.
Kindred has partnered with Blancas since 2012, when the country’s online gambling laws mandated that online casino, live dealer play, and poker operators have a land-based partner.
Rank has owned Casino Blankenberge since 1998, and it is one of nine land-based facilities in Belgium.
15 year operating licence
In 2018, the casino’s concession deal with the city of Blankenberge was extended, and a new 15-year operating licence was issued in January of this year.
The selling completes Rank’s withdrawal from the Belgian casino industry, which it left in 2017 when it closed its operations in the municipality of Middlekerke.