Due to the recent stabilisation of the bingo industry and the Government now indicating that the long term future of policies that affect the industry appear more certain, there does seem to be an air of confidence in the sector.

Over recent weeks, BingoSupermarket has reported on the poor trading figures for the companies that run Buckingham, Gala and Top Ten Bingo.  Gala with the help of new investors and released capital appear to be trading their way out, but it will prove more difficult for Buckingham and Top Ten since the burden of debt is so high that they are struggling to make themselves profitable after posting losses in their most recent trading accounts.

KPMG were appointed to look at the businesses of Top Ten and Buckingham bingo and consider options to reduce the debt pile that has been thrust upon Barclays Bank and RBS.  It would be a good time for other prudent bingo companies to consider these businesses as the banks will be forced into a position of renegotiating the terms and may be forced to cut some losses.

Quite often the problem that faces many businesses is the uncertainty and a change is legislation. Clear areas that proved to be a challenge was the smoking ban and the change in taxation along with gambling reform.  Now this has all taken place and the VAT is certain to increase in January 2011, bingo companies can now look at taking stock of their businesses and prepare for the future without having to worry about the government throwing a spanner in the works.

A bingo venue in Skegness has been on the market for well over a year and has struggled to attract operators in a position to buy the club.  The Roman Bank has been operated buy a single site operator for decades and was a retirement sale.  Fortunately an investor has now come forward and the Bingo club has a sale agreed, BingoSupermarket will be releasing further details of the acquisition in two weeks.

A welcome change to the industry would a change in the levels of stakes on jackpot gaming machines if it was increased to £2, something which the Bingo Association has been campaigning for along with a review on the number of jackpots allocated for a bingo club.  Recently the jackpot machines allowable was 4 which was doubled to 8, but some operators of large venues say the number did not go far enough and did not consider how impractical this was in a large venue, so a percentage of jackpot machine allowance would be more appropriate.

The better times appear to be returning to bingo but it is hoped this new Government will be more considerate than the past labour Government.  A review in the Gross profits tax to bring the industry in line with the betting shops at 15% would certainly be a step in the right direction.