During Q3, all Groupe Partouche casinos were open, and all health restrictions lifted, resulting in more favourable operating conditions when compared to the prior-year period.
This is reflected in the company’s financial results. GGR rose to €168m ($168m) for the third quarter, up when compared to both 2021 and pre-pandemic levels.
Groupe Partouche’s domestic performance drove this increase. The company’s French operations generated €153m in GGR, over 90% of its quarterly total.
However, rising levies offset the company’s top-line growth. For Q3, these increased by 75% year-on-year, going from €53m to €93m. As a result, net gaming revenue (NGR) fell by 24% to €75m.
The company attributed this to “the progressive scale in France,” where it said, “the lower tax brackets applied.”
Broken down, only Groupe Partouche’s hotel segment outperformed the prior-year period, generating €8.3m in turnover when compared to €2.6m.
Casinos remained the company’s largest segment, responsible for €88m, but this constitutes a 9% decrease when compared to last year’s €96.5m. Other also recorded a drop in turnover, which fell from €15m to €5m.
However, on a nine-month basis, Groupe Partouche’s performance looks considerably better. GGR is up by 127% from €202m to €458m, while NGR has risen from €143m to €228m.
The company’s casino segment, meanwhile, has experienced a 116% rise in turnover, generating €261m when compared to last year’s €121m.
Groupe Partouche remained optimistic, commenting: “The group’s activity continues to develop in a dynamic climate since the end of the constraints linked to the vaccination pass.”
Compared to the company’s contemporaries in France, such as FDJ, Groupe Partouche has recorded a similar return to form post-Covid.
However, unlike FDJ, Groupe Partouche relies less on iGaming, which may impact its performance going forward. The company would also appear to have been hit particularly hard by levies.