Thursday, February 23, 2012

Rank reports 'mixed results'.(Betting & gaming news)(Brief Article)

Rank Group said its Grosvenor Casinos business had seen "mixed results" since June, with the London market "soft" yet provincial outlets enjoying growth in turnover and profits.

In a trading statement for the 21 weeks to 22 November, Rank also said the Mecca Bingo division "continued to deliver solid results," and that full year results would be "broadly in line" with forecasts.

The firm also welcomed the Draft Gambling Bill, and said it was well positioned to benefit from the proposed changes.

Rank said it planned to relocate its Cardiff casino and was looking to open new sites in Bolton and Stoke-on-Trent in 2004. The company's internet and telephone sports betting business performed in line with expectations.

However, Hard Rock's like-for-like sales have fallen 3% over the past year, after a fall in takings from branded goods.

The chain, which now has 100 venues in 38 countries, has seen "encouraging signs" since early October, with food and drink sales higher, and up 2.6% on the year to date, but "low levels of international tourism continue to depress merchandise sales," Rank said.

The chain was making good progress in extending the brand into non-restaurant activities, Rank said, with two UK casinos, including the London Hard Rock casino, which was performing particularly well, and the first Hard Rock hotel due to open in Chicago next year, through a joint venture with the Spanish hotel chain Sol Melia.

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