Rank reports 11% rise in like-for-like net gaming revenue for Q1
Net gaming revenue for the first quarter was £179m.
UK.-Rank Group Plc has reported an 11 per cent rise in like-for-like net gaming revenue (NGR) for the first quarter at £179m. Digital revenue was up 7 per cent and venues revenue rose 12 per cent.
Grosvenor land-based casinos generated £84.2m, up 13 per cent on the back of a 9 per cent rise in visitation and a 4 per cent rise in spend per visit. London venue NGR was up 8 per cent the rest of the UK 16 per cent. Average weekly NGR from casinos was £6.4m, up 10 per cent year-on-year.
The Mecca bingo hall business delivered Q1 NGR of £34.7m, up 11 per cent. Visitation here was up 4 per cent and spend was up 7 per cent.
Meanwhile, Rank Digital generated £52m, up 7 per cent year-on-year. Grosvenor online revenue was up 14 per cent and Mecca up 9 per cent. Elsewhere, the Spanish bingo brand Enracha generated £9m, up 9 per cent.
Rank Group CEO John O’Reilly said: “After an encouraging second half of 2022/23, we have maintained the momentum through the first quarter of 2023/24 and have made good progress in driving revenue and profit growth across the group.
“Going forwards, we remain focused on delivering the key growth initiatives within our digital business and preparing our UK venues for the critical modernising reforms in the government’s review of the gambling legislation.
“These reforms, which are planned to be implemented by next summer, will help Grosvenor and Mecca to better meet the needs of our existing and prospective customers.”
