Rank Group Q3 Results Offer Promise

Grosvenor Casino and Mecca Bingo operator the Rank Group has announced its 3^rd Quarter earnings for 2022/2023 period showing a 13% rise in net gaming revenues (NGR) to £174 million compared to the same period last year. It said that now the company expected to be at the upper end of its financial predictions for the full year.

Indeed both Grosvenor and Mecca venues together posted a 12% increase in NGR to £113 million and the companies online business saw a 16% rise in NGR to £52.5 million compared to the same quarter last year.

Specifically when reviewed as separate businesses Grosvenor saw a rise of 15% in revenues to £78 million helped by increasing visitor numbers in London and in provincial casinos.

Mecca Bingo division enjoyed a 9% increase in NGR to £35 million helped with a 4% rise in visitor numbers

Ranks online business enjoyed a 16% increase in NGR compared to the same period the year before overall, however the UK online business lagged behind with just a 7% rise.

Rank Group CEO John O’Reilly said on the results: “We are pleased that the momentum we saw at the start of the second half of our financial year has continued with positive NGR growth across all our businesses.

“Despite the challenging macroeconomic environment, the investments we have been making to improve the customer experience in our venues have helped drive the improved performance across both Grosvenor and Mecca.

“Our digital business is benefitting from the build-out of enhancements to the customer experience on our proprietary technology, and we have a strong pipeline of developments to continue to grow market share into the future.”

The company will announce its full year results which end on the 17 August this year.