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Rank PLC Business Drops

Thursday October 17,2013 : SLOWER BUSINESS FOR RANK PLC
 
Latest interim management statement shows that digital is still delivering, but at a lower rate.
 
The online and land gambling group Rank plc issued a 15 week interim management report Thursday, noting a 7 percent decline in like-for-like revenues caused by the exceptionally hot weather in July adversely affecting customer visits, a lower casino win margin in London and a disappointing performance in Mecca's venues and digital channel.
 
On the positive side, recently acquired Gala casinos have performed well and integration has been completed. Total Group revenues increased by 15 percent as a result of the continuing contribution from the 19 recently acquired casinos.
 
In reacting to the situation, management is taking both revenue improvement and cost reduction actions to mitigate the impact of the revenue decline, particularly in the Mecca brand.
 
However, the Board warns that it anticipates operating profit for the full year will be marginally below market expectations.
 
Like-for-like revenue in the 15-week period declined by 7 percent, offset by total revenue, which increased by 35 percent as a result of the 19 acquired casinos.
 
Venues were adversely impacted by the July hot weather and a lower than normal win margin in London; this contributed to a 6 percent fall in customer visits and a 8 percent fall in like-for-like venues revenue in the 15-week period.
 
Like-for-like spend per visit fell by 2 percent in the 15-week period due to the lower than normal win margin in London.
 
In the Digital division revenue continued to grow and was up 19 percent, however the rate of growth has slowed due to the intensely competitive market environment. Despite an increase in digital spend per visit, the increasingly competitive digital bingo market adversely impacted the effectiveness of marketing and customer acquisition campaigns.
 
Additionally, following the disposal of Blue Square Bet, the allocation of shared service costs to Mecca's digital channel increased.



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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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