Rank Group CFO, Richard Harris, has revealed that the company aims to boost Grosvenor Casino’s weekly revenue to £7m (€8.1m/$8.8m). He emphasized that this growth would mostly come from activities within the company’s control. However, this target does not account for the potential impact of the Gambling Act review or any significant property changes.

Harris is optimistic that Grosvenor’s revenue will surpass £7m per week in the medium term. Currently, the venue’s revenue stands at £84.2m in Q1 2023-24. Additionally, Rank plans to increase its digital revenue by 8%-12% in the coming years, leading to improved margins.

The CFO also made a bold claim regarding Rank’s Mecca venues, asserting that the company expects to transform the business from a £5.8m loss last year to a double-digit profit in the medium term.

Addressing the Gambling Act review white paper, Harris outlined the positive implications for Rank, particularly the potential for modernizing the casino offering in the UK. The increase in permitted gaming machines and revised bingo regulations are expected to benefit Rank by doubling the number of gaming machines in its Grosvenor estate. Electronic payments in casinos and bingo venues are also expected to enhance the customer experience.

However, Harris also pointed out potential downsides, such as the impact of maximum staking limits for online slots and the increased statutory levy. Despite these concerns, Rank plans to implement the white paper’s measures in the new year, focusing on optimizing gaming machines in Grosvenor venues.

Moreover, the Covid-19 pandemic has significantly impacted Rank, leading to a reduction in the number of bingo clubs and a shift towards profitability at Mecca venues. Looking towards new markets, Rank is set to enter Portugal, potentially becoming the country’s first online bingo operator. The company is also comfortable with its position in the Spanish market and sees further growth opportunities in casino, sports, and live bingo.

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