Rank Group sales suffer as Grosvenor Casinos and Mecca Bingo visits drop
Source - SMW
Gambling company Rank Group reported on Thursday that quarterly sales had slumped 4.9% in the 16 weeks to 14 October as high-spending customers spent less at its Grosvenor Casinos while its Mecca Bingo halls continued to see fewer visits.
Like-for-like revenue at Grosvenor Casinos was down 7.2% in the period while Mecca's venues' revenue fell 5%.
However, Mecca's digital channel performed well, with revenue growing 6.4%. And new acquisition Spanish digital bingo firm YoBingo, which is excluded from these numbers, saw like-for-like revenue grow 46%.
Looking forward, the company's transformation programme had identified some early cost savings for the full year, which were expected to partially mitigate Grosvenor Casinos venues' revenue shortfall in the 16-week period.
Rank said it would announce its-half year results on 31 January 2019.
At 8:05am: (LON:RNK) Rank Group The PLC share price was -5.7p at 157.5p