UK casino and bingo hall operator Rank Group PLC says net gaming revenue jumped in Q1

UK casino and bingo hall operator Rank Group PLC says net gaming revenue jumped in Q1

Article brief provided by MarketWatch
  • Joe Hoppe, MarketWatch
October 14, 2021 9:52 PM
  • Joe Hoppe, MarketWatch

    Rank Group PLC said Thursday that the first quarter was in line with its expectations, with a strong increase in like-for-like net gaming revenue, and that it expects full-year revenue to rise.

    The U.K. gambling company said net gaming revenue, or NGR, rose 69% to 163.1 million pounds ($222.8 million) in the three months ended Sept. 30. Digital NGR rose 5% in the period, returning to quarterly growth, while like-for-like NGR from venues jumped 117% on-year, it said.

    Based upon the company’s current performance, expectation of continued improvements across all businesses segments and the assumption that venues remain fully open, Rank expects group NGR for fiscal 2022 to be in the range of GBP700 million to GBP750 million.