Gala Coral open first bingo club in China

Mon, 17 Dec 2007 09:07
Gala Coral - the private equity-backed gambling operator, has secured a licence from the Chinese province of Hebei to open what would be the countrys first bingo club. The company, controlled by Candover, Cinven and Permira, believes the Chinese love of numbers-based gambling could support the development of up to 100 clubs in the province and, over time, hundreds more in other regions. Gala Coral open first bingo club in China. Having secured a provincial licence, the company now needs a licence from Beijing, although Neil Goulden, chief executive, said he was confident of success because the low stakes nature of bingo was right in the sweet spot of the Chinese Governments gambling strategy. Gala has secured a lease on its first property and is discussing the terms of a profit-share deal with a local sports lottery. The group has spent about £3 million so far in China.