More land casinos forced out of business

The downturn in the economy has taken more casualties in the gambling sector, with two major names downing shutters on multiple casinos in Britain this week, cutting many employees adrift.

The online gambling market has therefore become the focus for gamblers. As games are the same as at a land based casino and having the opportunity to play from the comfort of your home has brought gambling to a new level.

Gala Coral and Genting Stanley take hits
Gala Coral and Genting Stanley are among the largest victims. The former, owned by Permira, Candover and Cinven, all private equity firms, have shut down four casinos, including the prestigious Piccadilly Circus one. Genting has already closed its outfits in Manchester and Liverpool and is trying to come to a pay settlement with the GMB union.

Genting Stanley’s Deputy Executive Chairman Peter Brooks foresaw more closures and blamed it on the pressures bearing down on the industry, including last year’s steep tax hike.

Bookies flourish
However, going by media reports, bookmakers seem to be thriving despite the bad times miring gambling outfits. William Hill, for instance, reported a 9 percent jump in third quarter results.