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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.
Gambling News :
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
The Railbird Launched By Americas Card Room #acra -
Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.
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