Casino company Rank Group has revealed how it will put a multi-million pound cash boost to use.
The firm received £59.1 million in overpaid VAT recently and has suggested that the windfall will go towards reducing debt.
It was also indicated that the tax money covered a period of more than five years between January 2003 and June 2008.
The figure will apparently be partially offset by tax on gross profits and other related costs.
Rank, which owns Mecca Bingo, among other gambling organisations, also saw its share price bumped up four per cent to 60.75p on news of the bonus earlier this week.
In a statement, the company said: "The repayment will be used to reduce the group's net debt and will have no impact on the size of Rank's existing banking facilities that will remain committed until 2012."
Mecca Bingo has announced a number of online bingo winners recently.
Online Casino News - 12/11/2008
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