Financial Optimism Grows For Rank Group

Article By Gary Connolly

Last Updated: 14 Mar 2024

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British land-based and online gaming operator Rank Group has published its third-quarter financial results showing an increase of 11% year-on-year in like-for-like group net gaming revenues to some £179.6m ($217.8m).

The Maidenhead-headquartered heavyweight revealed almost 47% of this figure for the three months to the end of September had come from its 53-strong Grosvenor Casino chain - which recorded a swell of 13% year-on-year in equivalent net gaming revenues to £84.2m ($102.1m).

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Esteemed Estate

Rank Group is responsible for some of the United Kingdom’s most prestigious casinos including London’s Grosvenor Casino Victoria and the nearby Grosvenor Casino Bayswater.

The company explained that this collection experienced a rise of 9% year-on-year in third-quarter visitation alongside an analogous 4% boost in spend per visit to take its average weekly net gaming revenues up by 10% to £6.4m ($7.7m).

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Bingo Buoyancy

Established in 1995, Rank Group is additionally behind the 76 Mecca Bingo-branded bingo halls spread across the length and breadth of the United Kingdom.

It detailed this conglomerate’s third-quarter net gaming revenues improved by 11% year-on-year to top £34.7m ($42m) driven by a 4% upturn in customer visitation as well as a 7% surge in spend per visit.

Rank Group moreover owns Spain’s Enracha-branded chain of bingo and electronic gaming machine parlours and stated that this business had ‘continued to deliver strong net gaming revenue growth’ with its latest third-quarter tally having escalated by 9% year-on-year to stand at £8.9m ($10.8m).

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Remote Dynamism

Buttressing all of this success and the six online casino and bingo domains run by Rank Group saw their own aggregated third-quarter net gaming revenues advance by 7% year-on-year to reach £51.8m ($62.8m).

This collection includes the operator’s flagship GrosvenorCasinos.com site in addition to its MeccaBingo.com enterprise, which saw their individual takings for the three-month period improve by 14% and 9% respectively.

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Future Focus

The Chief Executive Officer for Rank Group, John O’Reilly, admitted to being ‘pleased’ with his firm’s latest financial results as it had ‘made good progress in driving revenue and profit growth’.

Adding to this optimism, analysts at Shore Capital recently predicted that the London-listed gaming firm could record an annual operating profit of approximately £44m ($53.4m), which may later swell to as high as £100m ($121.5m) should the United Kingdom’s government implement a range of planned reforms.

“Going forwards, we remain focused on delivering the key growth initiatives within our digital business and preparing our United Kingdom venues for the critical modernising reforms in the government’s review of the gambling legislation,” O’Reilly.

“These reforms, which are planned to be implemented by next summer, will help Grosvenor and Mecca to better meet the needs of our existing and prospective customers.”