Rank Group Records Increased Profits

October 21, 2019 by

The Rank Group PLC saw an increase in revenue as their online services continue to grow internationally.  The gaming giant that owns Mecca Bingo and Grosvenor casinos reported that the like-for-like net gaming revenue for the quarter ended September 30, rose by 10% and the total net gaming revenue by 9%.

Their strongest performance came from their digital offerings, which have seen a large rise in recent months. A higher average revenue per user fuelled a rise of 14 per cent in net gaming revenue from Mecca online. Meanwhile, in the last half, revenue from offline venues in Mecca Bingo reported a 0 per cent increase.

Gross gaming revenue (GGR), described by the company as “revenue before customer reward changes,” saw a 10% rise from the same period last year for its Grosvenor casinos arm, while international venues reported a 4% increase in what is historically a strong quarter of the year. Grosvenor casinos reported a 27 per cent increase for the quarter on the digital side.

Upon completing this quarter’s acquisition of Stride Gaming, Rank saw Stride’s net gaming sales fall by 15 per cent from the same time last year as lower consumer numbers and lower margins were felt. Nonetheless, as the transition continues, the financial performance of Stride is projected to see changes. The Rank board clarified that moving to the proprietary technology platform of Stride would provide a boost to the ability for operational control and innovation, with the acquisition also expected to strengthen the current digital leadership team of Rank.

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