GROSVENOR Casinos owner Rank yesterday warned full-year results will dip below last year due to freezing weather and the “roll of the dice”
The success of customers in London contributed to a 5 per cent fall in like-for-like revenues over the past 18 weeks. Spend per visit at its Grosvenor chain, which now operates 54 casinos in Britain, was down 1 per cent, compared with a rise of 9 per cent over the past 44 weeks.
Rank was hit by a lower-than-normal “win margin” in its London casinos, while cold weather also led to a 5 per cent fall in customers, with revenues down by 6 per cent.
The effects of the poor weather and London’s win margin mean 2012-13 results will be “marginally below last year”, when it posted £600.5 million in revenues and £65.5m in operating profits.
The purchase of Gala Coral casinos, which was completed on Sunday, saw Rank leapfrog Malaysia’s Genting to become the UK’s largest casino firm. Rank wanted to buy 23 sites from Gala, but had to drop venues in Aberdeen, Bristol, Cardiff and Stockton-on-Tees to gain regulatory approval.