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Buzz Bingo to Restructure Retail Portfolio

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5 years ago

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Buzz Bingo today announces a proposal to restructure its retail estate through the implementation of a company voluntary arrangement (‘CVA’). This follows a period of productive consultation with Buzz Bingo’s various stakeholders, including its landlords, aimed at securing a sustainable long-term future for the business following the outbreak of Covid-19 and resultant lockdown.

Under the proposed terms of the CVA, while the majority of clubs (91) will continue to trade, 26 clubs will close permanently due to what the company expects will be an unsustainable operating environment for the foreseeable future.

Across the rest of the portfolio, Buzz Bingo has been engaged in constructive dialogue with landlords to better align the rents of certain clubs relative to forecast trading. Regrettably, the proposed CVA will potentially impact 573 of Buzz’s c.3400 colleagues across the business, whom Buzz Bingo is committed to supporting at this difficult time.

The challenges facing businesses at this unprecedented time of lockdown due to COVID-19 are well understood. Like many others in the leisure and entertainment sector, Buzz Bingo was forced to close all its clubs across the UK, which have remained closed since Saturday 21 March. It put immediate measures in place: minimising costs where possible, reducing senior management pay and making use of the Government’s furlough scheme for the vast majority of employees.

Despite this, Buzz Bingo’s daily operations and its ability to generate revenues from its retail club portfolio has been severely impacted.

While Buzz Bingo intends to commence the reopening of its clubs from 6 August, it expects that it will take time for footfall to return to pre Covid-19 levels due to social distancing measures and customer confidence to socialise indoors taking time to rebuild, particularly among Buzz Bingo’s customer group.

The management believe the proposed CVA provides the best possible outcome for all of Buzz Bingo’s stakeholders as it looks to secure a sustainable long-term future for the business and its remaining c.2800 employees.

Buzz Bingo’s owner, Caledonia Investments, has indicated its willingness to provide an additional £22m of equity capital (in addition to the £5m that it invested in Buzz Bingo in May, 2020) once the CVA becomes effective. The new equity capital will be augmented with an additional £10m of debt provided by Buzz Bingo’s existing lender.

 

Chris Matthews, Chief Executive, Buzz Bingo commented: 

“The ongoing pandemic has had far-reaching consequences for the entire leisure and hospitality sector and an immediate and significant impact on our business. 

Following a thorough review of our options, the proposed CVA will restructure our retail portfolio to ensure we are well positioned for a return to growth, while adapting to the ongoing, challenging environment as we start to reopen the majority of our clubs.

Our lenders are supporting our plans and our owners, Caledonia will be investing into the new structure to further strengthen our future business.

The restructure will, very sadly, impact a number of our colleagues and my priority is to support all those affected and keep them fully informed as we continue with this process. I would like to thank every single one of our colleagues for their continued understanding and commitment over this period.”

 

Melanie Leech, Chief Executive, British Property Federation (BPF) comments:

“These situations are never easy, particularly now for the retail, hospitality and leisure businesses on our high streets at the sharp end of the Covid-19 pandemic. Property owners, however, need to take into consideration the impact on their investors, including the millions of people whose savings and pensions are invested in commercial property, as they vote on any CVA proposal. 

Buzz Group and AlixPartners engaged with the BPF before launching this CVA proposal. This has provided us an opportunity to improve understanding of property owners’ interests and concerns, but ultimately it will be for individual property owners to decide how they will vote on the CVA.”

Buzz Bingo will seek creditor approval of the CVA Proposal which is due on 3rd August. The online business will continue to trade as usual during this period.

 

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WinSpirit Casino Launches Gift Shop

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1 hour ago

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April 10, 2025

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WinSpirit Gift Shop is a thrilling virtual store where players can exchange in-game currency, called coins, for bonuses and real money.

The Gift Shop is already live on WinSpirit, featuring 170+ exclusive items available for purchase.

How it works

Players can start earning coins immediately after registration. With €50 equivalent wagered in bonus or real money, they will receive 1 coin. Additional coins can be obtained through quests and tournaments.

What can be bought in the Gift Shop

  • Free Spins
  • Real Money
  • Cash Bonuses
  • Sports Bonuses
  • Combo Gifts

Each item has a fixed coin price. Once purchased, rewards appear in the Bonuses section of the player’s profile and need to be activated. Some items can be purchased multiple times.

The Gift Shop opens at the start of each month and closes at the end. All the unused coins expire at the end of each month. New gifts will also be added to the Gift Shop periodicaly, ensuring the experience remains fresh and exciting for players. At the same time a player will be able to again redempt previously claimed gifts, when a new shop opens.

“We’re thrilled to launch the Gift Shop — it’s a feature that gives players even more value from their gameplay. Our players already love the generous bonuses at WinSpirit — and with the Gift Shop, there’s even more to explore and enjoy. In just a few weeks of testing, over 15,000 players have already given it a try!” – says Oleksandr Kotsenko, Business Development Lead at WinSpirit Casino.

WinSpirit is a trusted online casino with a solid reputation across all major review platforms, including AskGamblers (8.9/10), Casino Guru (8.6/10), and Trustpilot (4.6/5). The platform features over 9,999 games, 24/7 customer support via live chat and email, various responsible gambling tools  and exclusive promotions available on the website and social media.

The post WinSpirit Casino Launches Gift Shop appeared first on European Gaming Industry News.

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Caesars Digital

EveryMatrix completes iGaming content launch with Caesars Entertainment

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2 hours ago

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April 10, 2025

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EveryMatrix online casino games content has gone live across five regulated jurisdictions with Caesars Entertainment, extending the technology provider’s reach in the regulated North American market.

EveryMatrix is now providing Caesars’ online casino players in New Jersey, West Virginia, Michigan, Pennsylvania and the Canadian province of Ontario with access to online casino games from its in-house studios, including Armadillo Studios and newly acquired Fantasma Games via integration with SlotMatrix. New game titles are now live across Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino.

EveryMatrix, the industry’s fastest-growing iGaming technology provider, has secured commercial agreements with multiple tier-1 operators in the US, with delivery through SlotMatrix. This includes its first breakthrough aggregation agreement at the end of 2024.

SlotMatrix is the provider’s proprietary aggregation platform and the industry’s largest content library with more than 34,000 games from 350+ studios.

Using the full power of SlotMatrix, North American brands can offer their customers exclusive EveryMatrix games plus a host of best-performing, third-party live and slots content, further enhanced by EveryMatrix’s gamification and player engagement features including free spins, leaderboards and tournaments.

EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.

Erik Nyman, President, EveryMatrix Americas, said: “We’re very happy to be live on Caesars’ digital platforms across multiple jurisdictions in the U.S. and Canada, including Fantasma Games content that has proven to be a huge hit with U.S. players.

“It is an honour to partner with Caesars Entertainment, as their position and strong brand equity speak for itself. We have shaped a strong relationship with Caesars leading up to go-live that has carried over to the operational phase.”

“SlotMatrix is a casino aggregation platform not just with the largest portfolio of studios but also encompassing unique proprietary player engagement features that are a true game changer for brands, now available to Caesars’ online casino players.”

Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, said: “Completing this launch with our partners at EveryMatrix marks another milestone for our online casino players. We’re pleased to enhance our online casino platforms with an expanded catalogue featuring a variety of these new titles, which we believe will provide our players with an even more engaging and enjoyable gaming experience.”

The post EveryMatrix completes iGaming content launch with Caesars Entertainment appeared first on Gaming and Gambling Industry in the Americas.

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Aaron LaBerge

PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario

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2 hours ago

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April 10, 2025

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PENN Entertainment announced that it has launched theScore Casino, a new stand-alone iCasino app in Ontario. The dedicated online casino experience leverages the popular theScore brand, which has been a mainstay in the Ontario market for decades. Now available on Android, iOS, and desktop, customers can login using their existing theScore Bet credentials, allowing for a seamless experience across online gaming platforms.

theScore Casino operates on the same cutting-edge proprietary technology platform as PENN’s online Hollywood Casino, which launched as a standalone product in the US in December. The product was recently ranked by Eilers & Krejcik as the #2 overall iCasino product in the US.

theScore Casino, also available within theScore Bet app, offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house game development studio. theScore Casino also includes bespoke live dealer tables and exclusive games such as Blue Jays Blackjack, an original title leveraging theScore Bet’s partnership with the Toronto Blue Jays.

“We’re excited to introduce our dedicated iCasino product in Ontario under the well-known and trusted theScore brand. We’ve built a strong online gaming foothold in the Ontario market and are primed to deliver an even better casino experience with our proven stand-alone app. Our customer-friendly platform features more than 1200 games, dozens of original titles and intuitive game play that distinguishes our product and positions us for even greater success,” said Aaron LaBerge, Chief Technology Officer and Head of Interactive at PENN Entertainment.

The post PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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