{"id":90905,"date":"2018-10-21T10:00:12","date_gmt":"2018-10-21T17:00:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=90905"},"modified":"2018-10-20T09:50:43","modified_gmt":"2018-10-20T16:50:43","slug":"rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/","title":{"rendered":"Rank Group Reports Grosvenor Casinos Slump, While GVC Buoyed by World Cup"},"content":{"rendered":"

The UK\u2019s biggest casino operator, The Rank Group, reported a slump in earnings as high-rollers ditched its Grosvenor Casinos chain in in the 16 weeks to October 14.<\/p>\n

\"Grosvenor
One analyst said it\u2019s no surprise the high-rollers have deserted Grosvenor casinos because some of them are in less than salubrious places. (Image: Grosvenor Casinos)<\/figcaption><\/figure>\n

In a trading update, the group blamed a reduction in handle — the volume of bets placed — as well as lower margins from high-spending customers for a year-on-year dip of 7.2 percent at its 56 casinos in the UK.<\/p>\n

Meanwhile, visitors to Rank\u2019s Mecca bingo halls also stayed away, with sales falling 5 percent during the period, helping to drag down earnings across the entire group by 4.9 percent.<\/p>\n

The numbers reflect a long-term decline in the popularity of live bingo, but the continued slump comes despite recent promotional experiments by Rank to attract a different demographic — such as \u201cBingo Breakfasts\u201d and \u201cBingo Raves.\u201d<\/p>\n

The company has been forced to issue profit warnings this year and in August reported a 40 percent fall in pre-tax profits for the year to June.<\/p>\n

Breaking Ranks Online<\/strong><\/h2>\n

The silver lining was Rank\u2019s digital arm<\/a>\u00a0— and MeccaBingo.com, in particular, which climbed 6.2 percent. But Nicholas Hyett, equity analyst at Hargreaves Lansdown told City AM<\/em> Thursday that the nature of Rank\u2019s business is essentially land-based.<\/p>\n

“Rank\u2019s real world venues suffered from lower footfall, perhaps not a surprise given the convenience of the online alternatives and relatively sub-prime locations that many occupy,” he told City A.M.<\/p>\n

“But Rank\u2019s USP is it\u2019s physical presence. Online it has lots of so-called ‘digital native’ competitors — it needs its physical casinos and bingo halls to set it apart from the crowd if it\u2019s going to get a slice of the growing digital market,\u201d he added.<\/p><\/blockquote>\n

GVC Cleans Up with World Cup<\/strong><\/h2>\n

One such online competitor is GVC, which acquired the UK\u2019s largest retail sports betting business this year through its takeover of Ladbrokes Coral.<\/a><\/p>\n

GVC issued a rosier trading update on Thursday, reporting online net gaming revenue had rocketed 28 per cent in Q3 compared to last year, driven by online sports betting and the soccer World Cup.<\/p>\n

However, despite the tournament and England\u2019s better than expected performance in it, like-for-like retail earnings in the UK were down 2 percent. Now the UK\u2019s largest land-based bookmaker, the company is more exposed than its competitors to losses in revenues that will occur when the government\u2019s fixed-odds betting terminal reforms come into play.<\/p>\n

Maximum stakes on the divisive machines are due to drop from \u00a3100 per spin to \u00a32 in 2020, but this week it was reported that Chancellor Philip Hammond would face an all-party revolt unless he expedited the reforms.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s biggest casino operator, The Rank Group, reported a slump in earnings as high-rollers ditched its Grosvenor Casinos chain in in the 16 weeks to October 14. In a trading update, the group blamed a reduction in handle — the volume of bets placed — as well as lower margins from high-spending customers for […]<\/p>\n","protected":false},"author":36,"featured_media":90909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,19,18],"tags":[],"acf":[],"yoast_head":"\nRank Reports Grosvenor Casinos Slump, GVC Buoyed by World Cup<\/title>\n<meta name=\"description\" content=\"Rank Group Grosvenor Casinos and Mecca Bingo declined in Q3, but GVC receives online sports betting boost from World Cup.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rank Reports Grosvenor Casinos Slump, GVC Buoyed by World Cup\" \/>\n<meta property=\"og:description\" content=\"Rank Group Grosvenor Casinos and Mecca Bingo declined in Q3, but GVC receives online sports betting boost from World Cup.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-21T17:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-20T16:50:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/Grosvenor-G-Casino-Luton01.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/\",\"url\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/\",\"name\":\"Rank Reports Grosvenor Casinos Slump, GVC Buoyed by World Cup\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/Grosvenor-G-Casino-Luton01.jpg\",\"datePublished\":\"2018-10-21T17:00:12+00:00\",\"dateModified\":\"2018-10-20T16:50:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Rank Group Grosvenor Casinos and Mecca Bingo declined in Q3, but GVC receives online sports betting boost from World Cup.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/rank-reports-grosvenor-casinos-slump-gvc-buoyed-by-world-cup\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/Grosvenor-G-Casino-Luton01.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/Grosvenor-G-Casino-Luton01.jpg\",\"width\":1280,\"height\":853,\"caption\":\"One analyst said it\u2019s no surprise the high-rollers have deserted Grosvenor casinos because some of them are in less than salubrious places. 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