iGaming Business – Online and land-based betting operator Gala Coral has reported a significant pre-tax loss despite generating record turnover in the 12 months through to September 28, 2013.
According to the Thisismoney.co.uk website, the firm posted turnover of £1.1 billion (€1.3 billion/$1.8 billion) for the period, up from the previous record figure of £1.06 billion.
Despite the growth, Gala Coral also suffered a pre-tax loss of £206 million for the previous year.
The loss comes as a result of a £59 million VAT claim, interest payments on its £2.1 billion debt and a £60 million writedown on the sale of 19 casinos that were offloaded to British gambling operator Rank Group, as reported by iGaming Business in May 2013.
The news comes after iGaming Business also reported in November 2013 that Gala Coral had suffered a 9% drop in earnings before interest, tax, depreciation and amortisation in the last year.
Gala Coral began a restructuring process in 2010 that saw its three private equity owners wiped out over its £2.5 billion debt. Ownership was passed to a group including private equity firms Cerberus Capital and Apollo.
The group is now planning to push on with long-term plans to break itself up and is aiming to find a buyer for its Gala Bingo operation.
