Bingo Gambling Company May Be Split In Britain
It is not only casino operators that are being affected by global recession. Bingo operators are also having a hard time dealing with the current financial restraints, as evidenced by The Gala Bingo Group in Britain.
The Gala Bingo Group is the largest bingo operator in Britain. The company, however, has fallen on hard times as of late, and may be forced to split with some of the parts being sold off. The company denies that the split will occur.
"We are not looking to sell off assets or break up the group," said a spokesman for The Gala Group, "We have two hundred million on the balance sheet and we are not seeking an equity injection."
The Royal Bank of Scotland may have the final say, however. While the company insists they are not splitting, notes to investors have suggested otherwise. The presentation to potential investors claims that the company is seeking ways to raise cash.
Casino operators have been dealing with these type of decisions for several months now. Las Vegas Sands, MGM Mirage, and Wynn Resorts have all come up with ways of increasing their cash flow while stalling lenders.
The companies have borrowed millions of dollars from lenders and recently many of these companies have missed payment deadlines. It has caused, in some cases, lenders forcing bankruptcy on the gaming operators.
July 26, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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