SBC News IPO Candidate Gala Coral concerned about further UK regulatory blocks

IPO Candidate Gala Coral concerned about further UK regulatory blocks

Carleaver
Carl Leaver

Despite recording a strong start to its H1 2015 corporate performance, Gala Coral governance has warned of further potential regulatory uncertainty for the gambling industry.

At the start of 2015 Gala Coral governance had stated that the operator would investigate a potential IPO, following the conclusion of the 2015 UK General Election. However the operator has noted potential regulatory blocks for its operations future corporate development.

Industry analysts predicted that a Conservative victory would be more favourable to gambling operators, amid calls from the Labour party to enforce stricter regulations on fixed odds betting machines.

Gala Coral governance highlighted that uncertainty in UK gambling policy remains a concern with the potential of Scotland regulating gambling laws independently from UK parliament

In today’s Gala Coral H1 2015 update CEO Carl Leaver commented on the current policy conditions of the UK gambling industry

“The Conservative party manifesto did not include any plans for further regulation of FOBTs. However, the announcement of a Racing Right to replace the Horse Racing Betting Levy in the Budget in March 2015, and the plan to devolve some gambling regulation to Scotland means there continues to be some regulatory uncertainty. The Group will continue to drive forward its proactive responsible gambling agenda both within the business and across the wider industry”

To date Gala Coral has reported that new UK tax charges have cost the operator £10 million in net revenues. The major 2015 IPO candidate is at present owned by a group of private equity firms including Apollo Global Management, Cerberus Capital Management, Anchorage Capital Partners and Park Square Capital. 

 

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