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Due to the slow recovery of casinos, Mecca Bingo owners have a profit outlook that will significantly reduce their ranks

Mecca Bingo owner Rank plunged after warning profits for the first time in three months as costs soared and the casino sector recovered slower than expected.

The Grosvenor casino business has recovered to some extent since April, when it also lowered earnings forecasts, but said it was “much” weaker than expected on Monday morning, resulting in a nearly one-fifth drop in stock prices.

Rank added that there were no significant returns for high-value overseas customers. London The casino as a tourist count has not yet fully recovered.

The company hoped that the revival of tourism trade this summer would reinvigorate the casino’s recovery.

It also blamed profits for the surge in inflation during the cost of living crisis.

Rank states: “As a result of recent performance at the Grobner venue and continued inflation cost pressures across the Group, a similar underlying operating margin is around £ 2022, subject to the winning margin of a regular casino from now to the end of the year. 40 million for the year ending on the 30th of March. “

Earnings forecasts for April have already been reduced from £ 47m to £ 55m, previously forecasting £ 55m to £ 65m.

“Crux will be back for spending overseas customers during the summer, and now it will recover from July,” said Greg Johnson, an analyst at Shore Capital.

He also lowered his forecast for rank profits for the next fiscal year from £ 8m to £ 62m, adding: 18. “

Due to the slow recovery of casinos, Mecca Bingo owners have a profit outlook that will significantly reduce their ranks

Source link Due to the slow recovery of casinos, Mecca Bingo owners have a profit outlook that will significantly reduce their ranks

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