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Huge losses shift company’s focus to online bingo

The Gala Coral Group has been responsible for providing bingo to the people of UK since the time the game was invented. This led to making them a British household name.

The blanket smoking ban and the legislation changes of the UK government have had a bad effect on the health of the company. Almost 10% of the halls belonging to Gala Bingo have been shut over the past few years across the UK. This has also had a massive effect on the casino businesses belonging to the group, as they come to a halt.

A hefty loss of almost £400 million had to be incurred by the group according to their last financial report for the year which ended in September 2008. Private equity bankers have placed their trust in the long-term future of the Gala Coral even though the situation at present seemed bleak. They even bailed the company out with a massive sum of £124 million.

The company may probably introduce some cost-cutting exercises and redundancies across the board to make up for their debt which has now reached a sum of £4.4 billion.

The Gala Coral in fact has now shifted their focus to their online bingo and casino offering which proves to be much more reliable as far as revenue generating is concerned. In efforts to capitalise their online bingo boom, the Gala Coral group website has been getting increased exposure, prevalent in the UK.

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