Revenue rockets 490.4% at Groupe Partouche in Q2 as casinos reopen

| By Robert Fletcher
Land-based casino operator Groupe Partouche reported a 490.4% year-on-year increase in revenue for the second quarter of its 2021-22 financial year, following the reopening of its casino properties.

Gross gaming revenue for the three months through to 30 April 2022 amounted to €148.2m (£128.8m/$154.5m), up from €35.1m in the same period in 2020-21.

This sharp increase was due to the reopening of land-based casinos in France following the easing of novel coronavirus (Covid-19) measures. French casinos were closed in Q2 of 2020-21 as a result of Covid-19 restrictions, while its Swiss properties only opened towards the end of the period and its sole casino on Tunisia operated with a 10pm curfew.

Certain measures remained in place for part of Q2 including the requirement to present a vaccination pass at French casinos between 24 January and 13 March, with the operator said limited visitors. In Switzerland, a similar rule was lifted from 17 February.

Partouche noted that the quarter was impacted by other activities, including the disposal of its stake in the Crans-Montana casino in Switzerland, while it also halted online gambling in Belgium. 

In terms of other online activity, Partouche said online gambling in Switzerland generated a total of €3.3m in Q2, up 200.0% on the previous year.

After taking into account gambling taxes and levies payments of €77.4, net gaming revenue for the quarter was €70.8m, an increase of 221.8% from €22.0m in 2020-21. The operator made an additional €18.7m in non-gaming revenue and after accounting for €500,000 in costs related to its fidelity program, final revenue was €89.1m, up 277.5% year-on-year.

However, Partouche did not provide details on its expenses or final profit.

As to how the impacted the first half, gross gaming revenue for the six months through to the end of April 2022 was €290.0, up 480.0$ from €50.0m in the previous year.

Levies and tax costs were €136.6m, leaving €153.4m in net gaming revenue, up by 246.3% year-on-year. Non-gaming revenue amounted to €35.2m, meaning, after fidelity program costs of €1.4m, this left €187.2m in total revenue, an increase of 296.6% on H1 of 2020-21.

Further growth in Q2 comes after Partouche in March announced that it was to 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.

Partouche also 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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