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Partouche to repay loan early after revenue rebounds in Q1

| By Daniel O'Boyle
Groupe Partouche will repay its state-backed emergency Covid-19 loan early, after the business rebounded with 469.5% gross gaming revenue growth in the first quarter of its 2021-22 financial year, ended 31 January.

The business noted that, due to the lack of casino activity in these markets during the comparable period, year-on-year comparisons were difficult. Even among casinos that did accept customers, Casino Crans-Montana in Switzerland was only open for 13 days and the Djerba Casino in Tunisia operated under a curfew. 

As a result, only online gaming in Switzerland and Belgium provided a consistent revenue stream through Q1 of 2021-22. Despite no change in availability, Swiss online revenue still grew, however, from €600,000 in Q1 of the prior year to €3.2m this year.

When compared to Q1 of 2019-20, attendance was down 33.0%, but average spend per customer was up by 30.3%. As a result, revenue was down 18.9% when compared to this period.

The business paid €59.3m in gaming levies, after paying just €2.6m the year prior.

As a result, its net gaming revenue was €82.5m, which was just 374.4% year-on-year.

In addition, Partouche brought in €16.6m in non-gaming revenue, compared to just €1.2m in 2020-21. Of this total, €9.4m was attributable to its casinos, €3.9m to hotels and €2.3m to other sources.

As a result of the successful recovery, as well as the sale of the Crans-Montana Casino announced earlier this year, Partouche will now be able to repay early the state-guaranteed loan it received in June 2020 because of the Covid-19 pandemic. The operator said it will complete repayment of the loan on 15 April.

Outside of Europe, Partouche had pursued a licence to build an integrated resort in the prefecture of Wakayama in Japan, working as the operator in Japanese holding company Clairvest Neem Ventures’ bid, which was chosen for Wakayama’s bid to acquire an IR licence.

However, Clairvest Neem ended its agreement with Partouche, and the operator was ultimately replaced by Caesars in the bid.

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