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.
A couple from Houma who own a jewelry store in the region have decided to expand their investment ventures and recently purchased a small bingo hall and what was a five and dime store earlier in addition. Williams Realty Co. sold the Mardi Gras Hall for [...] Read More>>
Over the years we have seen a barrage of celebrities get involved with bingo sites. The majority are just in it for the money and the endorsement deal. However, English hero and Radio 1 DJ Chris Moyles and his team paid a visit to a local [...] Read More>>
While the poker industry is fluctuating and floundering in the aftermath of Black Friday, the online gaming businesses are seeking to promote other gaming sectors like bingo. Bingo Entertainment, one of the top providers of bingo gaming services, recently announced that its revenue had picked up [...] Read More>>
The bingo industry in the United Kingdom may be thriving in various British counties, but this may not necessarily be the case in Liverpool. According to news reports, a popular bingo hall in Liverpool is soon to become the venue for a fitness center. A [...] Read More>>