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France – Partouche up nine per cent despite effects of rising interest rates

By - 13 December 2023

French casino giant Groupe Partouche has published its results for the fiscal year from November 2022 to October 2023 when its annual turnover was up by nine per cent to €423.8m.

The group said it has operated in an inflationary environment and rising interest rates, creating a more demanding economic context which underlines the quality of the operational performance recorded by the Group in 2023, the year of its 50th anniversary.

Gross Gaming Revenue (GGR) increased by 10.2 per cent to €701.5m, compared to €636.7m a year earlier. In the fourth quarter of 2023, GGR increased by 1.7 per cent to €181.8m, a ‘satisfactory performance given the high basis of comparison with the post-Covid catch-up effect in the 2nd half of 2022).’

In France, the annual GGR improved by 9.7 per cent to €630.5m, mainly driven by all types of games: with a 20.3 per cent improvement for electronic games, a 11. per cent increase for non-electronic table games and 7.9 per cent jump for slot machines. In Q4 2023, GGR reached €163m, an increase of 0.4 per cent compared to Q4 2022.

Internationally, the annual GGR grew by 15.1 per cent year-on-year, to €71.1m, including a favourable exchange rate effect of €2.5m linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fuelled by the strong dynamic of the Swiss online games GGR (up 41.6 per cent). The exit from the scope of the Crans-Montana casino in Switzerland in January 2022 (down €2.5m) was offset by the performance of the Middelkerke casino in Belgium, which entered the Group’s fold in July 2022 (up €2.6m). In Q4 2023, the GGR came in at €18.8m, an increase of 14 per cent compared to Q4 2022.

In total, the Net Gaming Revenue after levies, amounts to €332.9m over 12 months, up nine per cent compared to 2022. In the fourth quarter of 2023, it stood at €77.7m (up 0.7 per cent compared to Q4 of the previous financial year).

Non-gaming turnover increased by 9.5 per cent to €94.3m, driven by the Hotels activity (up 12.8 per cent) in line with the good trend of the group’s hotels. The other sector was down (4.7 per cent) to €11.9m taking into account the exit of the Le Laurent restaurant, which had a negative impact of €1.9m).

In total, after taking into account the scope effects over the period, the 2023 annual turnover stands at €423.8m, an growth of nine per cent compared to 2022. It comes to €103.1m in Q4 2023, recording a satisfactory increase compared to Q4 2022 of up 2.4 per cent.

The Swiss Federal Council has granted the Meyrin Casino the renewal of its gaming concession and its online gaming site for twenty years as from January 1 2025.

After joining the United Nations Global Treaty early 2023, Groupe Partouche has joined its SDG Ambition Accelerator program in October. This six month program helps companies to set ambitious goals and accelerate the integration of the SDGs (Sustainable Development Goals) into their management in order to contribute to the sustainability of the company and society. Groupe Partouche has chosen to work in particular on subjects concerning the management of water resources.

Groupe Partouche, with the support of TexaPoker, will organise the next World Series of Poker (WSOP) which will take place at the end of May 2024 at the Jean Bouin stadium in Paris, an event which will undoubtedly mark an important moment in the French poker agenda. This festival will be an opportunity to qualify for the 2024 WSOP in Las Vegas.

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