News

Rank Group Reports Strong First-Quarter Revenue Growth

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4.7

Andrew R. Michaud

• October 19, 2023

By Najat Kantouar

The Rank Group has announced that its first-quarter revenue has experienced significant growth, driven by an increase in visitor numbers and gaming revenue. Despite a challenging environment, the gambling group, known for its Grosvenor casino and Mecca bingo brands, reported a like-for-like net gaming revenue of £179.6 million ($218 million) for the first quarter ended Sep. 30.

Increase in Net Gaming Revenue

During this period, the average weekly net gaming revenue rose by 10% to £6.4 million, reflecting a positive trend in the company's performance. Furthermore, Grosvenor venues saw a 13% increase in like-for-like gross gaming revenue after customer incentives, fueled by a rise in visits and spending per visit.

Focus on Growth Initiatives

Looking ahead, Chief Executive John O'Reilly emphasized the company's commitment to pursuing key growth initiatives within their digital business. Additionally, he highlighted the importance of preparing Rank Group's U.K. venues for upcoming modernizing reforms in the Government's review of gambling legislation. These reforms are expected to enhance Grosvenor and Mecca's ability to meet the evolving needs of both current and potential customers.

Positive Outlook

The board has expressed confidence in Rank Group's future performance and anticipates that full-year revenue and profit growth will align with expectations.