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Rank softens year earnings as UK venues catch a cold
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The Rank Group experienced a troubling start to the year as the compulsory closure of its casinos and bingo halls caused revenues at its venues to be virtually wiped out during the first quarter.
Like-for-like net gaming revenues (NGR) at the Mecca Bingo owner s sites sank 98 per cent in the three months to the end of March when all its UK venues remained shut, whereas sales on its online platforms declined just 3 per cent.
It said that the nine Enracha venues in Spain that were open by March 31 were seeing strong customer demand but admitted that they were operating under stringent capacity limits.
Continued venue closures push revenue down 72% at Rank in Q3
22nd April 2021
| By Robert Fletcher
Rank Group, operator of the Grosvenor Casinos and Mecca Bingo brands, has reported a 72% year-on-year fall in net gaming revenue in its third quarter, primarily due to the impact of the ongoing closure of its land-based facilities due to novel coronavirus (Covid-19).
Like-for-like revenue in the three months to 31 March was down 76% from Q3 of 2020, with venue revenue plummeting 98% and digital revenue 3%, though the operator did not provide absolute revenue figures.
All of Rank’s venues in the UK remained closed throughout the entire quarter, though nine of its Enracha sites in Spain were able to reopen towards the end of Q3 after restrictions were eased in the country.
Rank prioritises safe venue return as lockdown drains group performance Share
April 22, 2021
Rank Group Plc has revealed that trading under lockdown conditions for its most recent quarterly reporting period has resulted in a 72% fall in group like-for-like revenues.
This morning, the LSE gambling group published a Q3 2020/2021 trading and corporate liquidity update for the period ending 31 March, which stated that its
Grosvenor and
Mecca venue net revenues performance had fallen by 98%.
The Q3 period saw Rank record a 3% decline in its digital performance. However, the group underlined that it had maintained ‘sequential digital growth’ on its year-to-date results.
Grosvenor Digital NGR was down 2% when compared to Q2 while its Mecca Digital division continued to improve, with Q3 NGR up 4% compared to the previous quarter.
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