Underlying net revenues dived 50% to \u00a3288.2m, tipping the company into an operating loss of \u00a384.5m.<\/p>\n
Grosvenor Casinos saw a 71% fall in NGR, Mecca Bingo was off by 57%, international venues was down 35% and digital NGR was down 6% to \u00a3136.3m.<\/p>\n
As of the end of June, Rank had \u00a398m of cash available.<\/p>\n
Eye of the storm:<\/strong> In UK leisure overall, Rank was one of the worst hit companies by the pandemic.<\/p>\n On the earnings call yesterday, CEO John O\u2019Reilly noted that he had previously spoken at the half-year point of there being light at the end of the tunnel. \u201cBut it turned out to be a very long tunnel,\u201d he added. <\/em><\/p><\/blockquote>\n O\u2019Reilly pointed out that during FY21 Rank didn\u2019t have one day of normal trading and across its various land-based businesses, the percentage of time the venues were completely shuttered reached 66% for the casinos arm and 58% for the bingo business. Even the digital business suffered as Rank is far more reliant on omni-channel custom than others while that business was also hit by more stringent rules on affordability tests. \u201cThe performance of the digital business has been disappointing,\u201d O\u2019Reilly admitted.<\/p>\n Bouncebackability:<\/strong> With the various staged endings of restrictions, the company said demand has \u201cexceeded expectations.\u201d Since reopening in May, the casino business is trading at 89% of pre-pandemic levels and bingo at 79%. Meanwhile, in digital the move to a proprietary platform has been delayed until early next year. Analysts at Shore Capital said they were encouraged by the reopening trends, albeit that digital \u201clooks weak.\u201d<\/p>\n Drawing a line:<\/strong> O\u2019Reilly also tackled the upcoming UK Gambling Act review, saying Rank hoped for measures to allow the casino and bingo businesses to compete, including offering sports-betting in the Grosvenor estate. He said that generally the UK gambling sector needed\u00a0 a \u201cnew line in the sand\u201d to be drawn by the review.<\/p>\n Rank FY The top line Underlying net revenues dived 50% to \u00a3288.2m, tipping the company into an operating loss of \u00a384.5m. Grosvenor Casinos saw a 71% fall in NGR, Mecca Bingo was off by 57%, international venues was down 35% and digital NGR was down 6% to \u00a3136.3m. As of the end of June, Rank […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[324],"tags":[668,622,669],"class_list":["post-1690","post","type-post","status-publish","format-standard","hentry","category-news","tag-aspire","tag-rank","tag-super-group"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=1690"}],"version-history":[{"count":1,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1690\/revisions"}],"predecessor-version":[{"id":1692,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1690\/revisions\/1692"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=1690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=1690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=1690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Also in today’s Earnings + More newsletter:<\/h3>\n
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