Online Bingo Operator could be up for Sale
2nd February, 2009
Cashcade is one of the online gaming industry biggest firms and run popular UK bingo sites such as Foxy and Wink.
Cashcade is owned by Irish company, Independent News and Media, who are currently looking for ways to pay off their $1.8 billion debt. The Telegraph reported that the group were looking to improve their financial situation as the Irish firm wanted to ‘eliminate its loss-making businesses’.
The organisation will have to repay $263 million bonds in two months time and as a result, directors have already faced pay cuts and bonuses have been banned. The group is desperately trying to sort out its finances during the economic recession.
A spokesman for the Irish firm said, “As part of this deleveraging process, the group will also focus on eliminating any loss-making businesses,”
Online Bingo operator Cashcade could be one of the sections sold off by the company, yet popular sites such as Foxy Bingo are still attracting large numbers of new players and generating a decent return.
By Jamie
