Rank and Stanley Leisure Hit by Gambling Bill Doubts
6 Apr 2004
UNITED KINGDOM – As reported by the UK Times: "Rank Group and Stanley Leisure retreated ahead of tomorrow's publication of the draft Gambling Bill on the view that their shares may drift if there is a delay in the proposal becoming law.
"Both stocks sit near six-year highs, with part of that strength pinned on the anticipated benefits of gaming deregulation. However, Citigroup sounded caution yesterday following suggestions that delays in the scrutiny stage may mean the Bill will not become law until 2006.
"The US broker moved Rank from 'hold' to 'sell', arguing that any delay would leave investors to dwell on its more troubled Hard Rock and Deluxe businesses. Similarly, it downgraded Stanley from 'buy' to 'hold'…"