Published
OnlineLand-BasedCasinoFinancialIndustry

Down in the rankings: Grosvenor and Mecca see sharp decline in 2020-21 figures

The Rank Group has announced its preliminary results for the 12 months ended 30 June 2021. Following a challenging year, with the ease of lockdown restrictions now taking place worldwide, the main focus is surrounding business recovery after the global pandemic.

ddddddddddddddddd

Trading was 19% below pre-pandemic levels in the most recent 13 weeks of Grosvenor's trading period, with Mecca 21% below pre-pandemic levels. As the restrictions were eased on 19 July 2021, revenue increased further over this period with weekly revenue increasing more so, by a further 5% for Grosvenor and Mecca. Digital divisions of the business’ most recent trading are described as “in line with expectations”, although this too saw a decrease of 6% in digital underlining NGR, at £136.3m ($186.5m).

The operator's financial KPIs took a tumble with its figures during the last year, with group underlying net gaming revenue (NGR) falling 50% to the value of £288.2m ($394.3m). Venues' underlining NGR saw a pertentage decline of 65% at £151.9m, with an underlying operating loss of £67m, £238% down from last year's £48.4m. 

In terms of its statutory performance, again, the company’s figures dipped following the closures and restrictions of casino gaming, with reported NGR showing a £329.6m loss of 48%. Group operating loss was a value of £92.9m, illustrating a 532% reduction alongside the company's net debt figures showing at £256.7m, a 14% loss.

Edison Group Director, Russell Pointon, said: "Looking forward, the next phase of the transformation process is well underway, which was generating improving results prior to Covid. In FY21 Grosvenor and Mecca land-based activities traded under normal conditions for zero days, were fully closed for 66% and 58% of days respectively, and the balance of the days had some form of operating restrictions.

"From a financial perspective the group expects to meet all future liquidity and financial covenant tests."


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...