Bingo venues also take covid profit-hit

The FT is reporting [£] that Rank Group (Mecca Bingo and Grosvenor Casinos) are facing a pre-tax loss of £107m (they had a £13.4m profit the previous year). Quoting their CEO, John O’Reilly…

“Last year was rotten, we were shut more than we were open…. across all of our venues we didn’t have a single normal day’s trading.”

Also…

“Rank’s Mecca bingo halls have suffered more heavily than the Grosvenor casinos thanks to game’s popularity among older consumers, a demographic that has been hardest hit by Covid.”

Casinos have bounced back to close-to-2019 levels and online gambling (Flutter – owner of Paddy Power and Betfair) actually did very well out of Covid. So, like cinemas, Bingo Halls have a lot of more-attractive investment options and face an uncertain future.

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