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Mecca Bingo shares have been given a slight boast after it was announced by Sports Minister Gerry Sutcliffe at a recent AGM meeting, that the government was expected to announce new measures to aid the falling bingo industry in the next couple of weeks.
The Rank Group, who also operates the Blue Square Betting business and Grosvenor Casinos, have stated that they were encouraged by their performance, in the face of adversity. It has been reported that they told their shareholders, “We have achieved a degree of success in adjusting to the smoking ban and the new gaming regulations and have taken timely action to protect profits. Nevertheless we are conscious that the difficult consumer climate is likely to make 2008 a challenging year for the gaming sector.”
We all know that the double taxation law in the UK, coupled with the smoking ban has hit the bingo industry hard. Sectors of the industry have been lobbing the government to try and get the double taxation law changed, but instead of coming to their aid in the recent budget, they gave them a slap in the face once more. Restrictions were also placed on how many gaming machines they were allowed to have on their premises last year, which has just added to this crisis.
The game of bingo has been around for many years and has truly stood the test of time, with millions of people still enjoying the game today, but for how much longer I ask myself? After seeing so many bingo halls close down in the past year and with more reported closures on the way.
Paul Talboys, is the Chief Executive of the Bingo Association, he has a very level head on his shoulders and had this to say about the recent announcement by our Sports Minister: “The industry is encouraged to see that the minister clearly has a genuine interest in the plight of bingo. But the industry is operating under extremely difficult circumstances and the Government's failure to address that double taxation issue in the Budget places great emphasis on any positive statement the minister may make. Any celebration at this time may be premature.”
Exactly what the Governments plans to do is still unknown, but it is thought by experts in the bingo industry, that some restrictions may be lifted regarding the £500 gaming machines. We will just have to sit back and wait to see once again, but they really do need to sit up now and take action. I hope this is not a case of giving in one hand and taking back in the other.
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