Gala goes again for bingo sale
It is not the first time Gala have looked at selling the bingo halls and were believed to have offered to sell for US$ 425 million in late 2013 had a buyer come along. But now with the tax break for bingo halls Gala believe the business is worth more than originally estimated even though no buyers were interested at the time.
The Financial Times are reporting that Lazards have been recruited to help with a sale that does not include the online gala bingo brand but would offer a buyer cross over marketing opportunities.
Currently Gala has 1.1 million active customers and enjoys 300,000 visits per week to their bingo halls on average over 2013. With US$ 27.2 million in earning generated in the first half of 2013, but Gala believe that a new buyer would enjoy earning of over US$ 85 million a year given the new tax reduction.
The gambling firm has embarked on a strategy to focus solely on the internet gambling sector following the sale of their land based casino business to the Rank Group last year for US$ 304 million.
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