The UK gaming company, Rank Group, said that the closure of several Mecca bingo halls across the country significantly affected its profits. Rank reported a hefty loss of GBP 72 million pre-tax in the 2021 year ending June. This was down from a GBP 9.4 million profit reported just one year earlier.
Rank Group said that the effects of the coronavirus pandemic impacted its net gaming revenues, which fell by 48% to GBP 329.6 million.
However, Rank Group was optimistic about the future, and said that trading was “encouraging” since bingo halls reopened. The chief executive of Rank, John O’Reilly, predicted that numbers would improve as tourists returned to the UK.
He said that this period has been “exceptionally challenging” for the gambling industry.
“We are now well into a new financial year with our venues open and trading positively,” he said. “Our venues have been performing ahead of our expectations following the easing of restrictions on the UK hospitality sector on 17 May and we anticipate further growth as travel restrictions eventually ease and tourism returns, particularly to London.”
Rank Group also owns the Grosvenor casino chain, where revenues in the 13 weeks to August 15th were down 19% compared to pre-pandemic years.
Rank’s online business in the UK had experienced disappointing numbers, but it was to be expected since it was a “year of transition” onto a new online platform.