Gala Coral Sells Off 68 Retail Betting Spots

This story was published more than 9 years ago.

Betting firm Gala Coral has announced that it plans to go ahead with the sale of 60 bingo and eight casino retail properties, selling a large portion of the bingo properties to M&G Investments.

Gala Coral has offloaded 47 bingo properties to M&G, with 5 more spots coming in the near future for a cash price of £173.4 million. Gala will then rent out the properties for the next 25 years to continue operations. It is thought that the remaining gaming properties will be sold within the first quarter of 2015.

Commenting on the deal Gala Coral Group CEO Paul Bowtell saying: "Today's announcement is good news for the Gala Coral Group as it further streamlines our financial structure. In addition, the move to current market rents on these clubs for Gala Bingo will enhance the profitability of the business”.

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.