Woe is Rank -- Troubled bingo and casino operator Rank Group PLC reported lower revenue amid challenging conditions due largely to gaming laws and the expansion of smoking bans. Without providing specific numbers, Rank said in a prepared statement that revenue dropped 2 percent in the 49 weeks to Dec. 9. Turnover from the Mecca Bingo chain in Britain fell 7 percent during the period, but that was offset by an 8 percent gain at the company's Top Rank Espana business. The worst news came for Rank shareholders, however, when the company announced it would not be paying a dividend this year. Rank shares dropped 4.9 percent to 102.25 p on the London Stock Exchange.
Stepping Out -- Charles F. Champion, CEO and chairman of California-based horserace wagering form Youbet.com, on Tuesday stepped down from his post to pursue other opportunities. Champion will work with the company to bring about a smooth transition to new leadership, and he will provide advice and assistance as requested by the board of directors.
More Support for Frank -- Barney Frank's Internet Gambling Regulation and Enforcement Act has picked up another co-sponsor. Rep. Ellen O. Tauscher, D-Calif., signed on to the cause today. Tauscher, a six-term congresswoman, is the chair of the House New Democrat Coalition, the largest centrist caucus in the House of Representatives. New Democrats support policies to expand economic growth. Another interesting tidbit about Tauscher: she is on the Congressional Wine Caucus.
Online Lottery Sales in China -- PacificNet's China subsidiary, Guangdong Poly, has been authorized by the China Welfare Lottery Center to launch a new Web site for the sale and promotion of legal welfare lottery in China. Lot888.com gives Guangdong Poly -- a leading operator approved by China's Welfare Lottery Center to develop and operate real-time electronic paperless lottery services in China -- approximately 7 percent commission on the sale of its lottery gaming products.
More PacNet News -- In other PacificNet news, the company announced on Monday its intention to acquire Octavian International Ltd, a U.K.-based gaming technology and solutions provider. PacificNet has signed an agreement this week on the sale, which is expected to be finalized in the first quarter of 2008.
Accountable -- 888.com has collaborated with GamCare to launch a new Web site dedicated to responsible gaming. The new site, called 888 Responsible, offers information about responsible gaming practices, dealing with problem gambling, preventing underage gambling, charity activity and more.