The Rank Group have revealed that their sales have dropped dramatically over the last several months.
In a trading statement covering the 16 weeks leading up to October 14, Rank Group has revealed that its like-for-like revenue had dropped almost 5% from the same period last year.
According to the London-based company, it’s Grosvenor Casino revenue had dropped 7.2% from last year on a like-for-like basis. In addition, revenue from their online operations had also dropped by 5.2% as they were impacted by more stringent due diligence checks.
In addition, the firm’s Mecca bingo brand reported that retail revenue had fallen 5% due to a decline in visits over the summer period. However, it’s digital operations reported an increase in revenue of 6.4%.
The Rank Group is expected to announce its H1 2018-2019 at the end of January. Meanwhile, the firm’s new CEO John O’Reilly has announced that the company has identified some “early cost savings”.
Meanwhile, O’Reilly and Chief Transformation Officer Jim Marsh have launched a corporate recovery plan and are said to be reviewing all Rank Group properties and operations.
The Gambling Commission Fine
The news comes after the Rank Group was fined £500,000 by the UK Gambling Commission for failing to protect a VIP problem gambler who managed to lose £1 million that was credited to him from his account in a 24-hour period.
The UK Gambling Commission, which regulates gambling and supervises gaming law in the United Kingdom, discovered that the firm failed to interact with the customer despite him showing problematic behaviour.
It was also discovered that a Grosvenor Casino General Manager visited the VIP customer at their home during a period of self-exclusion.