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.
Today, reality TV stars are enjoying more popularity than the Hollywood celebrities of long standing repute, and Lauren Goodger is on the top of this list of reality TV stars. Foxy bingo has chosen to make use of this fact and recently chose Lauren Goodger to [...] Read More>>
Nine defendants, who were indicted by the US Department of Justice (DOJ) eight months back on various charges of bingo corruption, were relieved when their bingo case finally came up for hearing. This week, a federal court based in Montgomery set into motion the jury [...] 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>>
Subsequent to implementing a search warrant at two gaming centers at Alabama, which includes the one in Greenetrack in Greene County, the Attorney General’s office seized seven hundred machines earlier today. The incident has recurred yet again at the same gaming center after 800 bingo [...] Read More>>