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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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