The Gambling Act review white paper has proposed several measures for land-based venues in the finance industry. Rank, in its H1 report, expects to benefit from these measures, which are currently under consultation. The company anticipates that the number of gaming machines in the Grosvenor Casino estate will double, and electronic payments will be allowed in both casinos and bingo venues. Additionally, the white paper suggests changing the current 80:20 ratio of category B and C/D gaming machines to a 50:50 model.
In their half-year results, Rank reported a net gaming revenue (NGR) of £362.6m for the first half of the year, a 7.0% increase compared to the previous year. Grosvenor venues generated the highest revenue, amounting to £167.5m, with £56.4m coming from London and £111.1m from the rest of the UK. Rank aims to achieve a weekly revenue of £7m for Grosvenor Casino. The digital division also contributed significantly, with a revenue of £108.4m, up by 7.5%.
Mecca and Enracha, both part of Rank’s portfolio, reported revenues of £67.2m and £19.5m respectively. Mecca experienced an 8.5% increase in revenue, while Enracha’s revenue grew by 9.5%. Rank closed several venues, primarily focusing on unprofitable locations, resulting in 55 Mecca venues in operation.
Rank’s gross profit for the half-year was £154.3m, an 18.2% increase from the previous year. The company presents underlying figures, excluding significant and non-recurring items, to better analyze its performance and profitability. Operating profit amounted to £21.6m after accounting for other operating costs and net financing.
Overall, Rank’s financial performance has improved compared to the previous year, with a profit of £13.5m for H1.
