Rank, a giant in bingo and casino gaming, loses a lot of money

Rank, a giant in bingo and casino gaming, loses a lot of money

Rank earns nearly 80 percent from its venues, and suffered when sites were closed for more than half of the year.

When social distancing rules were relaxed, trade was still affected.

Pre-tax, Rank lost PS107.3million in the twelve months ending June, compared to a PS13.4million profit for last year. Revenues fell from PS629.7million down to PS329.6million, almost halving.

John O’Reilly, chief executive of the company said that he was pleased with performance in light of the unusual conditions faced and how the staff and business adapted.

Grosvenor made a profit in the first week after it reopened on May 17th. But revenues still fall 19% from pre-coronavirus levels.

It has an average weekly revenue of PS5.7million and needs PS4.4million to break even despite the weakening trade in London and Scotland.

O’Reilly stated that “We are part the late-night economic and in Scotland, we had curfew.” London has a 40% disadvantage due to the lack of foreign tourists and office workers.

It’s usually around 42 percent. We were however generally level outside of London, Scotland. Our best performing areas were actually popular destinations like Bournemouth.

Mecca’s trade is down 21% compared to pre-Covid days. The average weekly revenue of Mecca is PS2.6million. This puts it just above its PS2.4million profit threshold.

Covid rules were a problem for Mecca, Mr O’Reilly claimed. O’Reilly stated that customers were either left alone or sat with their bubbles. This really decreased the bingo experience. We’ve had a great return on our customers since the restrictions were lifted.”

Publited at Fri, 20 August 2021 21.28:44 +0000

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.