Bingo.com – Father passes the reigns to his Son – a new beginning?June 19, 2011
Bingo.com is just one of those things that can are difficult to understand. You cant find a more catchy domain name than the one they have, must be one of the more valuable domains in bingo, if not the most valuable, probably worth millions on the free market. It’s also one of the oldest, been around for decades… well, more than a decade anyway, which is like since pre-historic times in the world of online bingo.
Yet in times where it seems everyone is making fortunes in bingo, bingo.com is consistently loosing money. As a publicly traded company, bingo.com posts regular financial reports, and honestly, they don’t look all the impressive – check them out here.
The company is consistently loosing money, and quite a lot of it. Net income for the quarter ended March 2011 was minus $773,000. That’s right, almost a million dollar loss. This joins all the previous four quarters in which bingo.com posted losses, though granted – not as high as this one.
All this has brought the company to a valuation of less than $3,000,000. I’m guessing a domain auction would get them more than that, and this is after years and years of work.
Is it due to poor management or maybe because of the big scale international expansion the company has undertaken? Bingo.com is set to become a household name in not just the big markets for online bingo, like the UK, but in just about any and every country out there.
Maybe, hard to say. Usually in publicly traded companies, when the bottom lines continue over time to be red, not black, there is a tendency to look to the management for explanations, well, at least that’s supposed to be the case.
A couple of days ago, Bingo.com did make a move to refresh it’s managerial ranks, and has appointed a new CEO and president – Jason Williams. Jason is going to replace the current CEO of the company, Tarrnie Williams. Sounds familiar? That’s not by chance. Mr. Williams Sr. is passing the reins to his son, Mr Williams Jr. and moving to the post of Chairman of Bingo.com’s Board of Directors. Read about it here.
The newly appointed CEO is no newcommer to bingo.com, and has been it’s VP of Business Development for just three months shy of a decade + two years as it’s marketing director.
Mr Tarrnie Williams was quoted in the company press release as saying: “It’s now been over a decade since I assumed control of Bingo.com and I’m confident the organization is once again on the path to financial success, therefore, the board and I agree that the time has come for Jason Williams to assume the roles of President and CEO of Bingo.com”.
As CEO, or rather ex-CEO, he may well know something that we are unaware of. What certain is that all the investors in this stock would be quite happy if this turned out to be indeed the case, and this move will herald a new start for bingo.com
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