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Gala Coral Updates
12/20/09 - The battle for control of the UK online and land gambling group Gala Coral took an unexpected twist this week when the US-based private equity firm Apollo made its unexpected move, offering GBP 250 million to secure 50 percent of the gambling company's shares.
Gala Coral is at the centre of several attempts by British private equity companies and lenders to gain control and enable the company to clear some of its GBP 2.6 billion debt burden
Gala operates a significant online bingo and casino business along with land gambling interests of some 2 000 betting shops, 148 bingo clubs and 227 casinos.
Apollo is not inexperienced in matters gambling, holding a substantial shareholding in one of the world's major gambling enterprises, Harrah’s Entertainment in the United States.
According to a Times Online analysis of the Apollo offer, the American company proposes to pay GBP 250 million to the company’s senior lenders. Junior lenders would be given the remaining 50 percent of the equity. However, Apollo would have majority voting rights, in effect handing it control. The scheme is unlikely to be well received by existing shareholders, who would receive nothing.
Gala’s main lenders are due to deliver their verdict before Christmas on which restructuring proposal they prefer, after which it is likely that the deal will be finalised by the northern hemisphere spring.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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