Gala Coral in Financial Difficulty
Although we have just seen the third leg of the Coral Gala Poker Masters Tour, it is rumoured that all is not well with the company.
The Gala Casino Poker Tour was abruptly ended last year, with speculation that it was financially unsound to host. Its sister company and online bookmakers/poker site Coral seemed to bail the tour out and it was renamed a number of titles (I am still unsure which one is official?)the British Masters Poker Tour sponsored by Coral, Gala Casino’s British Masters Poker Tour, Coral Gala’s British Masters Poker Tour, or just simply Coral British Masters Poker Tour? ……….anyway.
Two years ago there was a cost cutting exercise at Gala casinos across the country, and all AGM’s were made redundant, and a couple of casinos went by the wayside.
Now, The Royal Bank of Scotland has proposed/suggested that the company needs to act to avoid defaulting on money loaned. Gala Coral is currently believed to be in restructuring talks, as deadlines are approaching for them to pay back £80million by September this year, with a further £150million in 2010.
A spokesman for Gala Coral said to the Obsever newspaper;
We are not looking to sell off assets or break up the group. We have £200m on the balance sheet and we are not seeking an equity injection
RBS have apparently dismissed these claims, and are believed to have already approached possible buyers of a broken up group, including online gaming, bingo, casino’s and betting shops.
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[...] DanM wrote an interesting post today onHere’s a quick excerptAlthough we have just seen the third leg of the Coral Gala Poker Masters Tour, it is rumoured that all is not well with the company. The Gala Casino Poker. [...]