Gala Coral has been announced as a sparkling Silver Sponsor for the International Gaming Awards 2012 (IGA) fifth gaming gala. The latest sponsor proudly holds the title for being one of Europe’s paramount betting and gaming businesses. Gala Coral is especially keen to unite with landbased and online gaming firms at the IGA’s, in a bid to raise awareness towards the IGA’s chosen worthy charities.
The beleaguered casino industry suffered a fresh blow after the second of the UK's two dominant operators declared it was pulling out of the sector's oncepowerful trade body. Rank's resignation from the British Casino Association means the association will have even less clout when arguing with ministers over future issues such as taxation. The BCA, which had already been hit by Gala Coral's departure in October, is left contemplating the radical options...
The credit crunch has broken the bank at some of Britain's biggest casinos. In the last 12 months, nine gambling dens have closed their doors - victims of government tax increases, the smoking ban and the worsening economic climate. Gala Coral, owned by private equity firms Permira, Candover and Cinven, has shut four casinos, including its upmarket haunt in London's Picadilly Circus. Genting Stanley has shut two in Liverpool and Manchester and axed 400 staff. It is currently in a pay dispute with the GMB union.
Gala Coral is streamlining its operations ahead of the likely impact of the economic downturn on casino, bingo and betting revenues, and has told staff that up to 200 jobs may be affected. Its five divisions will be pared back to three, with bingo and casino merging and Coral betting shops being bracketed with its Eurobet equivalents in Italy. Dominic Harrison, who replaced Neil Goulden as chief executive in September, said that while trading was satisfactory...
The private equity owners of Gala Coral, Britain's largest privately-owned company, have agreed with its creditors to inject GBP 125m into the troubled business. It is the biggest UK leverage buyout so far to suffer financial stress as a result of the current downturn. Gala, which operates 1,566 Coral betting shops, 165 bingo halls and 31 casinos, has seen its business decline following the introduction of the smoking ban.
