Gala Bingo Saga Continues

Written by: Nikola Zugic on 24/12/2009 13:57

The saga surrounding Gala Bingo which is the largest bingo operator in the UK still continues. In a bid to restructure their £2.6 billion debt burden they have been at the centre of attempts by British private equity companies and lenders to gain control of the company. In a new twist from the US, Apollo, also a private equity firm has put in an offer for £250 million to secure a 50% share in the company. The news report reads “unexpected big” but I don’t find this to be unexpected at all. Apollo has a substantial shareholding in Harrah’s and Harrah’s Entertainment have been trying to get a slice of the lucrative UK gambling market for a long time.

They made a bid for Gala Bingo shares a couple of years back, but Gala sold these to a Malaysian firm. Now they are trying again and according to the Times, this offer is not likely to be favourable for certain shareholders. But we shall have to wait and see what happens. Gala lenders have the say regarding what offers are accepted and this is due to the huge debt.

In the meantime, keep playing at Gala Bingo online, they are still splashing the cash about so take advantage of it while you can. Check out the great free bingo games they have up for grabs. They offer these games every day, but on Thursdays for a limited time only, they have some whopper prizes up for grabs in these games. As far as I can see there is also £50 Grand up for grabs on Friday, which is Christmas day and you have to try and win your share of this cracker of a prize. Check out Gala Value to see what bargain bingo you can play and save your own pennies for a rainy day. I recon this is what Gala Coral should have done, instead of getting into such huge debt.

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