Online growth helps Rank overcome land-based struggles
Land-based revenues flat but all three of operator's online brands experience year-on-year growth in first quarter.
A strong online performance across all verticals has helped Rank Group shake off declining land-based bingo revenues to record year-on-year growth in Q1, the operator has announced in its interim management statement for the 15 weeks ended 14 October.
Online revenues from the Grosvenor Casinos brand saw the most significant improvement, rising 72% year-on-year, while Blue Square (up 19%) and Mecca Bingo (11%) also trended upward for the period.
Blue Square revenue growth was largely due to gaming, with a rise of 41% year-on-year, while sports betting revenues were up 3% off the back of a partnership with platform provider OpenBet.
However revenues from Mecca Bingo’s offline venues fell 1% year-on-year (these were flat on a like-for-like basis) while Spanish brand Top Rank España saw revenues from its 11 bingo clubs fall by 5% compared to the corresponding period in 2011.
Overall group revenues are up 4% year-on-year, or 5% on a like-for-like basis, with 7% revenue growth from the bricks and mortar Grosvenor Casinos also contributing to the rise. Two of the operator’s land-based venues, in Portsmouth and Reading, will be rebranded as G Casino venues in Q2 and Q3 respectively.
Furthermore the operator’s Belgian arm Blancas nv – operator of the Casino Blankenberge – has been awarded an online gaming licence for the dot.be market, via which partner Unibet will be able to offer online poker and casino.
Meanwhile Rank Group has revealed that it continues to assist the Competition Commission with regards to its proposed £205m takeover of the bulk of Gala Coral’s land-based estate.
It explained in a statement: “Gala Coral Group and Rank are continuing their discussions in relation to appropriate amendments to the previously agreed terms in light of the reference to the Competition Commission. A further announcement will be made in due course.”