London-based Rank Group has issued a trading update saying it remains on pace for its yearly projections despite facing tough “venue conditions” in 2017.
The report said Rank would sustain a like-for-like group revenue increase of 2 percent. The company said the growth was primarily driven by a 19 percent increase in its digital channel, which would offset the 1 percent revenue decline recorded by Grosvenor Casino and Mecca Bingo.
According to SBC News, last August, Rank said its venues were facing a “tough retail environment” impacted by a combination of factors and rising operational costs. In this report, Rank said Grosvenor Casinos’ like-for-like revenues were down 1 percent in the last 16-week period driven by a “lower than average win margin.” Mecca Bingo venues revenue down 2 percent.
However, both Grosvenor Casinos’ and Mecca’s digital channels grew strongly during the period, with revenues up 34 percent and 11 percent respectively.
The company said it will further expand its digital products by launching its full-service sportsbook in the coming months.
