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NEWS 15 July 2019

Hippodrome revenue drops to £76.5m for 2018, as customers seek complete experience

By Matthew Enderby

The Hippodrome Casino saw its annual revenue drop 2% year-on-year to £76.5m ($95.8m) for 2018, in what it describes as a challenging year.

The Leicester Square venue reported EBITDA of £5.2m, down 40%, and paid tax of £32.4m, down 2%; its tax burden accounted for 42% of the casino’s turnover.

In its annual report to Companies House, the casino referenced increased regulatory and political pressure, slow economic growth and weakened consumer confidence (due to Brexit) as reasons for the difficult year.

The Hippodrome generated £45.7m in gross profit for 2018, down 4% from 2017’s results.

Despite declining results, the Hippodrome said it saw an increase in customer visitation. In 2018, 1.7 million people visited the venue, a 4% increase.

It reports however, that customers are increasingly seeking a complete experience and not to solely gamble.

The casino said it is complimenting its three live gaming areas, electronics and slots with restaurants, bars, and live theatre shows.

In 2018, the Hippodrome was awarded Casino of the Year at the Global Gaming Awards London and the venue said it is well placed to meet the challenges facing the casino industry in 2019 and beyond. However, Casino de Monte-Carlo won the Award the following year.

RELATED TAGS: Land-Based | Industry | Financial | Poker | Casino
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