Guoco Buys Mecca Bingo From Rank

The entire bingo industry is eagerly waiting to see what is at stake for Rank Gaming and Mecca Bingo after it has been acquired by a Malaysian billionaire through his Honk Kong listed investment company. Sources say that the Guoco group own about 56% percent of Rank shares, which means that they essentially, owns the company in the boardroom.

Mecca Bingo, as we all know it, is one of the largest bingo operators in UK and the problem here is that the takeover which had a controlling interest in Rank was made viable by purchasing its shares from another Malaysian company, who also has gambling interests.

A lot of people are now wondering if Guoco will purchase the left over shares but Guoco has stated that the company will not be delisted. Mecca Bingo has been under tremendous pressure for a while now and the buyout has been a strategic move, especially since Rank is expecting a pivotal refund of VAT from the government in a while, which would be close to £250 million.

This buyout marks yet another British organization that has been taken over by a foreign organization on account of some strategic manipulation by the Malaysian company. And although everything has been done above board, some Rank shareholders are not happy with the new situation.

A lot of newspapers and magazine articles have been ranting about the issue and they have the impression that this has been a rather cheap buyout. Mecca Bingo has been a pioneer and it generates plenty of revenue.

Related Posts

  • Bingo is a fairly new entrant to the social gaming scene in Ferriday and some of the board members of the Ferriday Board of Aldermen had even voted against it. Now that it has been instituted they want to see it work and bring in [...]   Read More>>
  • People played bingo to raise funds for the repair of a war memorial at an entertaining event, which was held at the Seaham-based Marlborough Pub. According to a news report in the Sunderland Echo, the venue decorated with sandbags and netting looked as if it [...]   Read More>>
  • After the events of Black Friday, the entire US gambling industry is in turmoil; along with the online poker sector, other gaming factions including the bingo industry are being affected. One of the more recent developments involves a notice issued by Luther Strange, the US Attorney [...]   Read More>>
  • Megabucks Bingo is where people come to play bingo and help raise funds for good causes. This bingo hall has been helping support and raise funds for a good number of charitable groups and organizations. In And, the most recent cause was the American Prostate Cancer [...]   Read More>>

Free Bingo Money No Deposit

Learn how you can play bingo for real money without depositing a single penny. Enter your email to get sent our best free bingo offers.