Bingo Slumps but Gala Coral High Jumps
December 17, 2007 · Tagged: Gala Bingo
The Gala Coral Group has registered a record operating profit for the financial year that ended in September 2007. This is remarkable considering the smoking ban imposed on Gala Bingo by the UK government authorities.
Year on year the revenues of Gala Bingo declined by 4.2% in the wake of the smoking ban imposed in England, Scotland and Wales. To add to the woes the removal of Section 21 gaming machines led to a 10.7% fall.
However Gala Casinos registered EBITDA growth of 10.7% coming in from revenues. Coral, the bookmaking business of the group marked a vigorous growth of 21% coming from increased revenue.
The e-commerce section of the group grew by 2.0% from revenues – marking an increase of 33%.
The Chief Executive of the Gala Coral Group sounded a happy man as he expressed his delight upon perusing the reports showing 10% rise in profits. He was especially glad that this has happened after inauguration of its new international betting division in Italy. Already 219 shops have been opened and many more will follow soon. He did not fail to comment on the negative impact on the bingo industry by legislative actions.
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