Ricoh Casino May Follow Stadium Into New Hands

05.13.2008 | 7:44 am | News, casinos

While it may only have been open for 10 months, the Ricoh casino in Coventry has attracted interest from third parties who may well be interested in buying the development. The casino is actually situated under the Coventry City Football Club home ground, the Ricoh stadium, and has been very well received by fans and gamblers alike in the area. So what is happening?

Despite the casino’s close relationship with the football club, the casino complex is actually owned by American outfit Isle of Capri who invested a substantial £36 million into the project just last July. Those with knowledge of the area will probably be aware that ex-football star and multi-millionaire Ray Ranson actually took over debt laden Coventry City Football Club just a few months ago. Ranson has been looking for a football club for some time and it seems that he has found the perfect foil in Coventry City.

The interest in the casino has prompted speculation that Ranson may well be behind the Ricoh Casino interest but as yet no names have been mentioned and no takeover figure has been agreed. However, the close proximity to the stadium and the fact that the unknown party are only interested in the Coventry venture points to a UK group of investors.

It will be interesting to see how this develops because the flip-flop casino policy of the UK government has created something of a vacuum with no new casino licences due to be released in the foreseeable future. This has prompted a rise in the perceived value of existing casino licences with the Ricoh venture possibly one of the first to benefit.

We will continue to monitor the situation and see if this initial interest comes to anything and the potential amounts involved.