UK Based Media Corp has issued a business statement regarding some of the issues that its Purple Lounge Casino has been experiencing first hand.
The statement explains that Purple Lounge has been under performing, causing a situation wherein Media Corp has not received dividends or cash payments from Purple Lounge during its ownership and has loaned over £900,000 in the last few months."
The company stated that the situation has caused stress for the company and that "...the directors are in the process of considering a number of options for Purple Lounge as a means to control the losses and, in doing so, preserve the company’s cash and value in its other divisions."
Media Corp feels that the reason for the casino's current issues are "...negative trade press (much of which the directors consider totally unfounded) particularly surrounding the litigation brought against one of the company’s subsidiaries by CD Casino.com Limited."
Earlier this year a man named M. Caselli, Sole Director of CDCasino.com filed a £300,000 lawsuit against Search Focus Limited, a Media Corp subsidiary.
As of right now Purple Lounge Casino has suspended its operations, causing many punters to fear for the balances remaining inside of their accounts.
Media Corp goes on to state: "The options under consideration may be directly impacted by the outcome of the company’s stated intention of undertaking an acquisition or acquisitions."