Land-based operator Group Partouche has reason to celebrate. The company has revealed that revenue has increased by 490%. This takes into account the second quarter of the 2021/2022 period. The primary reason for the boost is the reopening of all venues.
In more detail, the period ending 30th April 2022 saw gross gaming revenue hit €148.2 million. This is up from €35.1 million for the same period of the 2020/2021 fiscal year. It is thanks primarily to venues in France and Switzerland that the jump was so significant. The world health crisis saw all gambling establishments closed for years, while those in Tunisia have been operating with a strict curfew. Additional restrictions such as vaccination-proof requirements have also had a devastating impact.
All rules and restrictions have now been dropped.
Double Online Casino Impact
It isn’t just restrictions that have been causing Groupe Partouche hardships. The company also dropped a stake in the Swiss Crans-Montana casino. Further troubles came from online gambling operations in Belgium being halted. The hardships all came together to result in devastating bottom lines.
Looking at the numbers after taxes and levies still paints a promising picture. Net gaming revenue clocked in at €70.8 million for the quarter. A dramatic 221.8% increase over the €22.0 million of the same period for the previous year. Non-gaming revenue was also bolstered, coming in at €18.7 million.
Looking at GGR as the first half of the year, the total is €290 million. This is in comparison to the €50.0 million of the previous year.
Good News and Bad News
Groupe Partouche has already been riding high but managed to push the good news even further. With the numbers showing a resurgence the company announced it will be paying its loan back early. This refers to the emergency world health crisis fund that was previously granted.
The only blemish on the group’s record is the loss of a proposed project in Japan. A license was pursued to build a resort in Wakayama in Japan. A deal was to be struck with Clairvest Neem Ventures, and would have resulted in a lucrative IR license. Groupe Partouche would have acted as a Japanese operator had the license been awarded.
Things did not go well and the group was dropped from the partnership. Clairvest Neem Ventures decided to instead go with Caesars. Had the deal panned out, it would have been a game changer for Groupe Partouche.