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Younger Demographic Causes a Rise in Rank Profits

Younger Demographic Causes a Rise in Rank Profits

Written by: Glo Wood on 10/02/2012 13:15
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The owner of Mecca Bingo and Grosvenor Casinos, Rank Group, claims that their efforts to appeal to the younger generation of players has not been in vain. Players within the 25 to 35 age bracket are responsible for a spike in customer numbers.

In the six months leading up to December 31, 2011, Rank's 103 Mecca Bingo halls attracted an additional 50,000 players raising player numbers to 770,000. Grosvenor Casinos also had an increase of 61,000 customers bringing their grand total to 762,000.

Ian Burke, chief executive, believed that there were more prospects among the youth market, for bingo specifically, where 65pc of players are over the age of 35. Burke was unwilling to discuss details regarding the possibility of acquiring Gala Coral’s  casino business but he did say that talks are currently "at an early stage".

Rank will enter the court arena in March regarding the possible £31m in VAT sales tax owed to HMRC for gaming machines in their bingo halls. There may be a silver lining as analysts say that Rank may be able to recover £275m in tax after the European Court of Justice ruling in November. Rank may have overpaid VAT and be entitled to reimbursement.

A rise in customers may not have come without a price afterall. 

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