Grosvenor verticals help drive 10 percent revenue rise for Rank

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The Rank Group – owners of the Mecca Bingo and Grosvenor Casino brands – has posted a 10 percent increase in like-for-like gaming revenue in the quarter ending 30 September 2019.

In the quarter ending 30 September 2019 Rank Group saw its like-for-like gaming revenue increase by 10 percent, with total net gaming revenues up by nine percent.

Updating investors, John O’Reilly, CEO of Rank, said: “We are pleased with the growth achieved across our businesses in this key part of our financial year, as well as with the ongoing progress we are making with our transformation programme.”

In an investor update Rank cited land based Grosvenor Casino operations as the stand out performer in the period. The estate reported a 10 percent increase in year-on-year gross gaming revenues, with net gaming revenues up 15 percent.

Grosvenor online operations continued this positive trend, with the digital vertical seeing 27 percent increase in net gaming revenue.

In the quarter Rank successfully pivoted all of its operations onto a new content management system without disruption to players – average revenues for Mecca online players was up leading to a increase of 14 percent in the digital brand’s net gaming revenue.

The group finalised the acquisition of Stride Gaming earlier in October, and whilst this led to an initial drop in the brand’s year-on-year revenues the Rank board stated confidence that the move will produce positive yields as it migrates to Stride’s proprietary platform.

“The acquisition of Stride marks a pivotal moment in the development of our digital offering and having completed on 4 October 2019, we are now starting the execution of all our plans for integration and delivery of synergy benefits.”

The group did temper expectations however by affirming that Q1 is traditionally its strongest quarter and was presenting against weak comparatives.

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