Description

The Group is the leading operator of bingo halls in Italy, managing 29 of the 211 Italian active bingo halls, of which 16 are fully controlled by the Group and 13 are joint ventures. The Group includes also the management of 7 games halls (i.e. slot machine venues), with 1,300 slot machines (AWPs and VLTs) in operation across its network of bingo and games halls.
As for almost all the bingo concessions in the market, the 29 bingo concessions of the group are operated under temporary concessions which will expire next year. The process for a formal 6 year extension of these concessions will take place in 2015. Management sees a unique opportunity to consolidate the market over the next 12 months as certain small operators will not be in a position to renew their concessions and AAMS, the Italian gaming authority, is keen to have less but stronger and efficient operators.
Management intends to raise up to €50m of medium term financing to acquire existing bingo halls and the related concessions over the next 6-12 months. The identification of the target bingo halls has already started and is at an advanced stage.
The company has a proven track record of turning around the performance of bingo halls previously acquired, whose performance have been reflected in 2014 figures.

Posted Nov 25, 2014

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