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Rank group issued a second warning.

Rank group

 UK gambling company Rank Group issued its second profit warning this year as customers at its Grosvenor casinos bet less because of worries about the cost of living.

Weekly net gaming revenues stood at £5.8mn during the second quarter, only slightly ahead of the previous three months. Rank said an expected rise in revenues had «not yet materialised, driven by lower customer spend per visit». «Grosvenor venues have shown signs of improvement in recent weeks, and robust plans are in place to drive revenues. However, the return to growth will take longer than expected due to the current challenging macroeconomic backdrop,» the casino and bingo hall operator said. Rank said the year-to-date performance at its 64 Mecca bingo venues «also creates a level of downside risk to the full-year out-turn».

It added that the World Cup and colder weather combined with the cost of living concerns lower visitor numbers at Mecca bingo halls. But Rank’s Spain-based Enracha bingo halls continued to perform strongly because of «Spanish customers being less impacted by the cost of living pressures». O’Reilly said that while he expected the challenges to «continue to impact our recovery», Rank had «implemented a series of measures to deliver incremental cost savings and to drive revenues».

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  1. Jim18 December 2022 at 12:25

    I strongly think that in countries where people are paid better and don't feel the effects of what's happening worldwide as much - there, such establishments will thrive. Spain is an example, as are (probably) Norway, Sweden, Belgium, France maybe.

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