Rank Revenue Falls After Hot Summer

British gambling operator Rank Group has revealed it will explore cost-cutting actions after reporting a “disappointing” fall in like-for-like revenue in the 15 weeks through to October 13.

Rank became the latest British operator to cite the “exceptionally hot weather in July” as a key reason for the decline, with like-for-like sales dropping by 7%.

However, Rank also noted a lower casino win margin in London and a disappointing performance in Mecca’s venues and digital channel, and pledged to act.

“As a result of the disappointing start to the year management is taking both revenue improvement and cost reduction actions to mitigate the impact of the revenue decline, particularly in the Mecca brand.

“The impact of these actions is expected to commence in the second half of the financial year.”

Rank added that total group revenues had increased by 15% following the acquisition of 19 casinos from Gala Coral Group earlier this year.

The board expects operating profit for the full year to be marginally below expectations.

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