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.
Mr. Gary C, turned out to be a very lucky player when he recently won the huge £54000 jackpot while playing Tiki Temple at the Jackpot Joy Bingo site. Gary later commented that he never expected to win and that he was just playing to [...] Read More>>
Once Facebook was launched, it turned out to be one of the biggest success stories of the web, and in a similar way Wonder Bingo was launched as a Facebook application, which although small is a significant role to have as a bingo provider. However, [...] Read More>>
This last week turned out to be an exceptionally lucky week for 9 bingo players in the Philippines. Although bingo games have been known to pay out in large numbers, even in millions, it is an extremely rare circumstance to see 9 players will millions [...] Read More>>
Jackpotjoy.com won “Best Bingo Operator” for the 2nd time in the last four years at the EGR Awards in London last week. After winning in 2007 for the “Best Bingo Operator” at the EGR Awards, JackpotjoyBingo.com also won the same award in 2011, thanks to its [...] Read More>>