Gala Coral Registers Loss Despite Record Sevenue

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 a 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.

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.

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