Online bingo companies facing the effects of recession
Recession has hit every aspect of the known world and online bingo companies are no different. Online bingo gaming operators, Gala Bingo group have entered into hot water as well. Considering they are the largest known gaming operator in Britain, the Royal Bank of Scotland have reason to believe that the Gala bingo group is struggling to stay afloat during this financial crisis.
RBS is of the opinion that the Gala bingo group ought to be split into parts and sold to avoid a complete wipe out. The bank’s proposal comes on the heels of a payback in September for a debt of eighty million pounds. In addition to this debt the Gala group also owes the bank a debt of one hundred and fifty million pounds.
The Gala Bingo group is one of the many online bingo gaming groups that have defaulted at paying their debts within the stipulated deadline. Many sources within the group have contradicted claims of going broke, in recent media interviews. The truth however is far from this. The Gala Bingo group has just recently employed an investment banking firm, Lazard to acquire a loan.
These issues combined with a few other critical snippets of information have re-confirmed that without a doubt, the Gala Bingo group is facing a huge financial crisis.
