Buzz Bingo to Acquire Two of UK’s Biggest Bingo Halls from Merkur
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This comes after the company enjoyed strong performance this year. In October, it reported a revenue increase of 47% for its first full trading period following the COVID-19 pandemic. This produced a gross profit of £137 million and revenue of £195 million. In 2023, Buzz Bingo’s retail revenue grew 5% and online revenue grew 31% while EBITDA was up 14%.
Decades of Bingo Operations
The clubs that Buzz Bingo is seeking to acquire have operated for more than 25 years. The Cricklewood club welcomes more than 410,000 players each year, crowns 3,500 winners each month and it holds the Guinness World Record for the largest single bingo house prize. If the purchase is successful, it will become the largest club in Buzz Bingo’s portfolio.
The bingo scene in the UK is currently thriving with many operators running events designed to appeal to younger audiences, such as free line-dancing at Mecca Bingo and bingo rave events. In October, Buzz Bingo reported that half of its new retail customers were under the age of 35.
Following a period of stabilization for the business, it is now thriving, and we are delighted to be acquiring these two leading bingo clubs following a year of strong performance. With demand for Bingo growing… Buzz Bingo is positioning the business for accelerated growth, which is the key rationale behind our decision to move our Digital business to Gibraltar.
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