There are a number online bingo operators in today’s generation. In the UK alone, one of the biggest operators includes the likes of Cashcade. Cashcade is the bingo operator behind Foxy Bingo and Wink Bingo. These two are just some of the top online bingo networks in the UK today. In fact, they are so popular in the country and have a lot of online bingo members. But are they facing a threat? Is Cashcade really for sale?
It is an Irish company called the Independent News and Media that owns Cashcade. However, the company is under a $1.8 billion debt. Yes – that’s one billion and eight hundred million in US dollars! It was reported by the Telegraph recently that the Irish company, Independent News and Media is currently looking for ways to improve their finances. And according to the Telegraph, the company is looking at getting rid of their businesses that have been losing. In fact the term was “loss-making businesses”. So could it be true that Cashcade was the loss-making business they were referring to? It’s surprising to hear that such a popular online bingo operator was not doing well for the company.
According to the news, the Independent News and Media has to pay about two hundred sixty three million in US dollars for bonds payment. And the worst thing about it is that they have to pay that amount within two months! That’s why we won’t be surprised if they start looking for a buyer for their businesses such as Cashcade. According to the report, bonuses were already banned and perhaps salaries are on a freeze. The company’s directors have to face cuts on their pays because of the debt they are facing. Independent News and Media truly faces a big obstacle during these tough times. In the following weeks or months, we might actually see sections of the company being sold. Though Foxy Bingo and Wink Bingo continue to attract new bingo players, we might actually see these two disposed.
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