The Mystic Gambler

Merkur Casino has finalized its sale of the Merkur Bingo Club in Lowestoft, England. The buyer, Real Fun Group, announced that it has “big plans” for the club.

Real Fun Will Change the Club’s Identity While Keeping the Fun

The sale was consistent with Merkur’s continued efforts to streamline its operations and focus on higher-profit properties. According to the company leadership, it is essential for Merkur to focus on its core strengths.

The sale comes amid a period of significant developments for Merkur, which has been facing certain responsibility concerns in relation to social responsibility failings and a data leak.

For Real Fun Group, on the other hand, this purchase represents a tremendous growth opportunity. Real Fun, which owns ten bingo clubs across England, saw the acquisition as an opportunity to grow its local footprint and maintain its business momentum.

In an official post on LinkedIn, the Real Fun Group leadership provided more details about its plans for the club. The group said that what is currently known as the Merkur Bingo Club Lowestoft will be renamed to Apollo Bingo Lowestoft following the transaction.

Real Fun officials said that this would mark an “exciting new chapter” for both the company and the club. They added that they look forward to welcoming both new and existing players and cementing Apollo Bingo Lowestoft as a go-to place to have fun and win big.

With 11 amazing bingo clubs across the UK under our wing, we’re well on the way to our goal of becoming the biggest independent bingo operators in the UK. Make sure to stay tuned for more updates, we have big plans for this club!

Real Fun Group statement

The group promised that it had big plans for the club.

The Deal Is Exactly What Both Parties Needed

Representatives of the two companies commented on the transaction, expressing excitement about the sale. Mark Schertle, Merkur Casino UK’s chief operating officer, said that the sale aligns with his team’s continued focus on the company’s core strengths. Schertle added that the sale will therefore ensure the future success of both his company and the club.

Kevin McGinnigle, Real Fun Group’s founder, said that the purchase will further grow his company’s estate portfolio, in line with its ambitions. He added that this expansion came a little earlier than his team expected but remained convinced that the Lowestoft property was exactly what his company needed.

McGinnigle thanked Merkur for ensuring a smooth transfer of the property and cooperating during the whole process.  

Merkur Is Likewise Pursuing Growth Opportunities

Although Merkur is looking to divest properties that are not central to its business, the company is also looking for emerging opportunities in the UK. Last year, the gambling hall operator eyed the site of a former sex shop for a new cashino. Located on Northampton’s Abington Street, the location became available after the shop in question relocated in 2023.

As one of the likely bidders for a casino license in New York, Bally’s Corporation has joined the ongoing race together with nearly a dozen other interested parties. Considering that there are only three casino licenses, each bidder hopes to win one.

Bally’s proposal for a new hotel and casino resort development is in the Bronx area. However, the project recently faced strong opposition from members of the local community and a rejection during a Community Board meeting.

The proposal of Bally’s calls for redevelopment of the land adjacent to the former Trump Golf Links at Ferry Point. The project is expected to create thousands of permanent and temporary jobs while generating economic stimulus and hundreds of millions in tax revenue.

However, Bally’s plans hit a brick wall during a recent debate. On Thursday, the Bronx Community Board 10 voted on the proposal that seeks to revamp Feery Point Park with the delivery of a hotel and casino complex. An overwhelming majority of the Board members voted against the project considering the vote was 29 to 5, the Bronx Times reports.

Undoubtedly, the Board meeting was intense, considering the strong rejection of members of local communities who voiced their concerns and even interrupted the ongoing discussions. As tensions continued to grow, the meeting was eventually closed to the public with the rest of the discussions taking place only between the participants. Still, media outlets were permitted to hear the debate.

The meeting comes after earlier this month, Bally’s uncovered a new plan that proposed perks for Bronx residents. Per the plan, the company confirmed it may sell up to 10% of the stake in its casino, granting local residents a chance to invest in the property. In addition, the company said it would dedicate a minimum of 1% of its annual gross revenue, a figure that represents up to $10 million per year that would benefit community programs in the Bronx area.

The Company Remains Committed to the Project, Despite the Recent Hiccup

While Bally’s outlined the benefits of the project, attendees at the recent Community Board meeting voiced a number of concerns. Notably, some local residents feared the impact of the casino resort on traffic and crime. Aside from fearing higher crime rates and traffic congestion, some opponents of the casino project said it would result in the destruction of valuable parkland.

It’s worth noting that Community Board 10’s decision is by no means final as it is only advisory. Still, it marks the first step in the ULURP process that Bally’s needs to go through for the zoning changes it requires for the land of the project. The next step in that process would be a review by the Bronx Borough president, Vanessa Gibson. Then, the bid would have to go through the Department of City Planning and City Council before seeking another approval from the mayor.

Despite the outcome of the Board’s vote, Soo Kim, Bally’s chairman, said the company’s “commitment to the Bronx remains unwavering.” Moreover, the executive added: “We appreciate having had the opportunity to participate in last night’s Community Board 10 meeting and remain grateful for the chance to be part of this important local process.”

A new proposed bill in Cyprus suggests exempting casinos from the €10,000 cash transaction cap but some say this could facilitate money laundering, an activity against which the country has been fighting more intensely.

Cyprus MPs Propose Controversial Casino Cash Exemption

A bill to exempt casinos from the €10,000 (around $10,840) cash transaction limit has sparked intense debate, in Cyprus. Critics condemned the proposal as a desperate “money-grabbing attempt” ahead of the European Union’s stricter regulations on casino revenues set to take effect in 2027.

The bill is presented by MPs Nikolas Papadopoulos (DIKO), Marinos Mousiouttas (DIPA), Efthimios Diplaros (DISY), and Andreas Themistokleous, and it has split lawmakers. DISY MPs Demetris Demetriou and Nicos Georgiou, along with DIKO’s Zacharias Koulias support the proposal. Meanwhile, AKEL MPs Irene Charalambidou and Andreas Pasioutides, along with independent MP Alexandra Attalides, have voiced strong opposition.

Some Speak Against the Proposed Law

In a CyBC radio interview, MP Alexandra Attalides openly criticized the bill, accusing lawmakers of facilitating money laundering. According to her, this would facilitate illegal activities such as money laundering. She stated that Cyprus has long been targeted as a money-laundering hub for criminals and international fraudsters. She called it unacceptable that the proposal had resurfaced before the Institutions Committee, especially after the law had already imposed a €10,000 limit on cash transactions.

Additionally, Attalides pointed out that several regulatory bodies, including the Tax Commissioner, Central Bank, Cyprus Bar Association, Unit for Combating Money Laundering (MOKAS), and the Securities and Exchange Commission, also oppose amending the law. She also cautioned that it would not be beneficial for the country to suffer another reputational blow following previous money-laundering scandals, and there have been a few recently that Cyprus has been involved in.

Others Support the Proposed Bill

According to some supporters of the casino cash exemption, strict cash limits are driving businesses away. This puts casinos in the south at a disadvantage compared to those operating outside of Cyprus’ jurisdiction, especially in Northern Cyprus.

The Cyprus Gaming Authority has defended the industry, emphasizing that stringent monitoring measures are already in place. According to its data, casinos handle approximately 40,000 transactions per month, amounting to €32 million, with 94% of these transactions being in cash.

Cyprus Is Trying to Combat Money Laundering Schemes

The country’s police have forwarded at least 16 cases of suspicious gambling activities at casinos to the police for investigation during 2023-2024. The Unit for Combating Money Laundering (MOKAS) received 182 reports of suspicious transactions from just one casino operator – Integrated Casino Resorts Cyprus Ltd.

Out of these cases, enforcement measures have been taken in one case, although it is unclear whether criminal prosecution has begun. Criminal investigations are still underway in two other cases where there are reasonable suspicions of criminal activity. Three additional reports have been incorporated into ongoing police investigations, while the remaining 10 were linked to other offenses, including illegal immigration.

A MOKAS confidential memo outlined the nationalities of players who raised concerns during due diligence checks. Involved individuals come from countries like Cyprus, Israel, Greece, Syria, Vietnam, China, Georgia, Poland, Korea and the United Kingdom. According to a report in Politis newspaper, recent information shared with the House Institutions Committee revealed that Israeli casino patrons wagered €92 million in cash in 2024 alone. Meanwhile, Cypriot customers placed €77 million in cash bets during the same period.