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UK – Park Tower slices through Rank’s revenue

By - 31 January 2014

Performance at Rank’s London Park

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Tower casino has hampered the group’s first-half profits as high rollers and less visitors cut the casino’s revenues by half.

Park Tower’s revenues fell to £8m. Performance during the six months to 31 December 2013 was characterised by a 26 per cent like-for-like fall in operating profit at its Grosvenor Casinos venues and a 38 per cent fall in operating profit in Mecca, in line with what management expected. Chief executive Ian Burke said: “Over the short term you can get volatility in the win margin.”

Adjusted profit before tax was down 23 per cent to £27.7m due to trading performance, higher costs and interest charges arising on the acquisition finance

Cost reduction and revenue enhancement actions are in place to improve results in the second half

The Group has successfully completed the integration of the 19 casinos acquired from Gala in May 2013 and invested £11.9m in new product and casino refurbishments – the acquired portfolio is trading well

Mr. Burke added: “As previously guided, the first half of the current financial year was challenging with like-for-like brand performances down on the same period last year. Our London Park Tower casino has underperformed against a strong comparative period; this casino’s performance has been the principal cause of a 2.9 percentage point fall in London win margin and a six per cent fall in London handle in the period. The very challenging bingo market has contributed to a decline in the Mecca brand’s performance as customer visits fell by eight per cent in the period. The integration of the 19 acquired casinos has been successfully completed and we are pleased with their performance to date. We are continuing to implement actions outlined in our Q1 IMS to drive both revenue and operating profit that will bring benefits in the second half and future years. Management anticipates operating profit in the second half, excluding the impact of the acquired casinos, will be broadly in line with the comparable period last year.”

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