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Rank Revenues Knocked by Spanish Operations


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According to the Rank Group interim management statement, the leading UK
gambling concern recorded solid growth in its mobile and online gambling
divisions for the 16 week period to 16 October, 2011, however its operations in
Spain and casinos in London failed to live up to expectation, as they recorded a
drop in revenues compared to last year.

The economic downturn as well as the impact of a wide-spread smoking ban in
Spain had a negative impact on Rank’s Spanish business, Top Rank España.
According to the interim statement, Top Rank España’s revenues during the
16-week period plummeted by 19 percent. In addition, customer visits to Top Rank
España dropped 11 percent, while average spend per visit dropped by 9 percent.
Compared with the same period last year, total revenues in this area were down
19 percent.

The statement went on to reveal that although the Rank Group’s Grosvenor Casinos
in the UK experienced a bump in customer visits during the 16-week period,
smaller win margins in its London-based casinos prevented a revenue growth.
Although the casinos recorded a 7 percent increase in player visits, revenues
dropped 1 percent due to an 8 percent drop in average spend per visit as a
result of a lower win margin. For the 42 week period revenue was up by 3
percent.

Rank’s Mecca Bingo Revenues Rose 1 Percent

The Rank Group reported that revenues for its Mecca Bingo brand were in line
with the same 16-week period last year, with a 2 percent rise in spend per
visit, offsetting a 3 percent drop in total player visits. This meant that total
revenue growth was slightly lower than last year due to the closure of a handful
of poorly performing clubs. For the 42 weeks, Mecca Bingo revenues were up 1
percent while revenues were up 2 percent compared to the same period last year.

Of notable interest is the fact that the revenues of Rank Group’s interactive
arm grew 21 percent in the 16-week period as a direct result of the strong
performance of its premier online bingo casino, Meccabingo.com. The gambling
firm business also recorded a strong growth in mobile gaming, with its revenues
almost triple compared with the same period last year. Its mobile gaming arm
currently accounts for 6 percent of Rank Interactive’s total revenue.

Said a Rank Group spokesperson, ‘While the outlook for the UK consumer in
2012 seems likely to be more challenging, Rank is in a strong financial
position, possesses market-leading brands with multi-channel distribution and
has a clear strategy for sustained long-term growth.’

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