Soft UK performance for Rank casinos

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The Rank Group has witnessed softer performance in its UK venues throughout Q3 and has entered Q4 with visitor numbers down across its Grosvenor casinos.

The company announced: “We have seen some improvement in Grosvenor’s performance post April, but it has been considerably weaker than expected, principally due to a slower than expected return of higher spending overseas customers to our London casinos, continued softness in visitor numbers across the UK and a lower-than-average casino win margin in the quarter to date.

“The performance of our other business segments has been broadly in line with management’s expectations.

“As a result of the recent performance in Grosvenor venues and continued inflationary cost pressures across the Group, subject to normal casino win margins between now and the year end, we expect like-for-like underlying operating profit to be approximately £40m for the year ending June 30, lower than the previously guided range of £47m to £55m.”

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