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

  • 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>>
  • Muggers may find that the little old lady bingo players are easy targets, but once they realize that they stand to get a 2 year sentence or longer – thy may decide to think again. Barry Clancy, 28, from Aberdeen attacked Margaret Craig, 63, when she [...]   Read More>>
  • In the UK, there are many people who love playing a game of bingo, as it involves getting together with people over an entertaining and rewarding game. The bingo industry in the UK is also known to provide several job opportunities to the young and [...]   Read More>>
  • When it comes to playing bingo, you do not have to be young or particularly remarkable to win! Bingo is game based completely on luck and sometimes the most surprising people end up winners of the largest prizes! Such was the case of an 87 year [...]   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.