Casino owner Rank wants London to ´get fired up again´ as profits plummet
Monday 14 de September 2020 / 03:56
⏱ 2 min read
(UK).- Gambling group Rank has urged London to “get fired up again” after being hit by the continued absence of high-rolling tourists and office workers at its casinos.
Revenues at Rank’s eight Grosvenor sites in London are running at just 40% of prior year levels since the casino industry was allowed to re-open last month.
While venues outside of London are typically seeing levels of about 75%, the capital is key for the company as it usually generates more than half of Grosvenor’s turnover.
Despite Covid-19 safety measures, including temperature checks and extensive use of plastic screens, the company has been frustrated by a continued lack of footfall.
CEO John O'Reilly noted a slight improvement in the number of office workers in the past week, but said it was vital that consumer confidence returned in public transport. He added: “We need to get London fired up again, that's for sure”.
Rank also owns Mecca Bingo, with 72 of its 77 venues now open after the lockdown and typically achieving 70% of prior year revenues with visitor numbers running at 55%.
Customers aged over 70 have been more reluctant to return, but O'Reily says the size of bingo halls makes them ideal locations for a socially distanced trip out.
Rank had been performing well prior to the Covid-19 disruption, with shares at a 14-year high of 326p in February. They slumped as low as 85p in March and were at 131p today after rising 5% in the wake of full-year results.
Underlying profits were down 32% to £51.1 million in the year to June 30, although prior to the pandemic Grosvenor profits had been up 121% and Mecca down 4%. The group said it had secured waivers for its debt covenant test at the end of the year.
Categoría:Casino
Tags: Sin tags
País: United Kingdom
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