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REVENUES DECLINE AT RANK PLC

London-listed land and online gambling group Rank plc revealed in a trading update this week that its revenues declined by 8 percent for the 41 weeks to 12 October compared to the same period last year.
 
The positive news was that over the past six weeks performance has improved, showing a 5 percent uptick against the same period last year.
 
Rank was in the news earlier this week when the Malaysian group Guoco announced further purchases of Rank stock, bringing its holding up to 23.17 percent (see previous InfoPowa report).
 
Difficulties in the Spanish economy had adversely affected operations in Top Rank Espana, the statement revealed, additionally commenting that the online gambling subsidiary Blue Square was still struggling with unsatisfactory sportsbook performance.
 
Mecca Bingo revenue declined by 12 percent during the reporting period, with admissions down 12 percent and spend per head just level with the comparable period last year. However, in the six weeks since the start of September 2008, like-for-like revenue grew by 2 percent, with an 8 percent rise in spend per head off-setting a 5 percent decline in admissions. Rank has gained licensing permission for 83 adult gaming centres located within Mecca Bingo properties, of which 64 are now operational. This has enabled the group to increase the number of B3 jackpot gaming machines it operates from 406 at the start of the year to more than 660 at present.
 
The group's Spanish bingo operation Top Rank Espana continued to be affected by the difficult prevailing economic conditions in Spain. In local currency, revenue declined by 4 percent with admissions and spend per head each down by 2 percent. This was offset by the strength of the Euro against Sterling, which resulted in a 6 percent increase in reported revenue.
 
In Rank's Grosvenor Casinos division, like-for-like revenue declined by 3 percent in the first 41 weeks of the year, with admissions down 14 percent but spend per head up by 10 percent. In Rank's provincial UK land casinos, revenue was 10 percent lower, with admissions down 15 percent and spend per head up 6 percent. In London, revenue was up by 1 percent, with admissions down 9 percent and spend per head up by 12 percent.
 
The group reported that in the six weeks since the start of September 2008, like-for-like revenue grew by 14 percent, with a 33 percent rise in spend per head off-setting a 14 percent decline in admissions. At the provincial casinos, revenue declined by 1 percent with 19 percent growth in spend per head offsetting a 17 percent decline in admissions.
 
London casinos grew revenue by 33 percent, largely as a result of average win margin returning to more normal levels, with spend per head up 41 percent and admissions down 6 percent.
 
On the operational front, Rank said the G Casino in Aberdeen would open this month, the company's first casino in Scotland and the sixth in Great Britain under the G Casino brand. Grosvenor Casino in Moortown, Leeds had been closed following losses since the Government's decision to make a substantial increase to rates of casino gaming duty in last year's Budget.
 
Blue Square, which carries the main group interactive gambling business, grew revenue by 1 percent during the first 41 weeks of the year. Gaming achieved 7 percent growth in the period, led by a strong performance from meccabingo.com. But revenue from sportsbook activities declined by 11 percent, reflecting the highly competitive nature of the sports betting market.
 
Rank expects to benefit from a ruling by the UK Duties & VAT Tribunal in May 2008, that it should no longer pay VAT on games of interval bingo. This is expected to result in an annualised cash benefit to the group of around GBP 6 million, with effect from July 2008. The statement cautions, however, that the ruling is being appealed by Revenue and Customs.



Gambling News :

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

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