After the temporary closure of UK bingo halls during the COVID-19 pandemic, the company is finally reclaiming some of its lost profits.
It has recently reported that it is now generating around £8.6 in net revenue per week.
British bingo halls have been hit hard by COVID-19, but now that they are allowed to open again, many have seen visitor numbers soar.
Despite its land-based venues being forced to close between 5th January and 17th May 2021, its weekly net gaming revenue for its casinos currently stands at £5.5m. Although this figure is 17% less than the same period in 2019, it is still £4.2m over the target that Rank requires to break even.
The company’s bingo halls have also enjoyed a financial boost, with weekly NGR standing at £2.5m. However, this is still 20% less than it was turning over in the same 6-week-period in 2019.
The operator has noticed that its best performing bingo halls are those where it has been trialling new game enhancements. It is also confident that trading will continue to improve as further social distancing restrictions are eased.
In Spain, where its bingo clubs go under the trading name Enracha, takings are also rising thanks to the gradual relaxation on venue opening hours and capacity limits.
What about Rank’s online brands?
Understandably, many casino and bingo players used online gambling sites during lockdown due to land-based venues being closed.
Rank’s digital performance has, therefore, been impressive and as a result, it is set to meet its minimum liquidity test of £50m by the end of the financial year.
The tax rebate
There’s more good news for Rank Group too as a tax tribunal has just ruled in its favour regarding a historic VAT tax that has applied to slot machine income at some of its venues. It now expects to receive an £80m rebate from HMRC.