Mecca Bingo Owner Rank Reports Profit Surge, Fuelled by Casino Rebound

2024 is shaping up to be a great year for the casino industry. There are a number of factors that have fuelled the steady rise in profits for some companies, including Rank Group PLC, online casinos and bingo operator.  

“Our progress in the new financial year mirrors the momentum we built in the previous year,” stated Chief Executive John O'Reilly. 

“With inflation easing, consumer disposable income on the rise, and continuous investment in enhancing our customer offerings, we are optimistic about our growth trajectory.” added O'Reilly in a release.

The casino and bingo operator reported an operating profit of £29.4 million, reflecting an impressive rise in net gaming revenue, which climbed 8% to £734.7 million. Notably, revenue from Grosvenor casino locations in London saw a remarkable 10% increase in turnover. 

In a further display of confidence, Rank announced the reinstatement of dividend payments, recommending 0.85p per share for the past year. This move reflects not only the company's solid performance but also its commitment to returning value to shareholders. Following the announcement, Rank’s shares surged by 5.7%, reaching 73.98p. 

Profits Helping Good Causes 

Rank has also announced the extension of its partnership with Carers Trust, ensuring continued support for unpaid carers until at least 2027. Having raised over £3.7 million for carers so far, Rank remains committed to providing crucial assistance for the next three years. 

John O’Reilly, CEO of Rank, said: “We take immense pride in our ongoing partnership with Carers Trust. Beyond providing entertainment for our customers, we are deeply committed to supporting the communities in which we operate." 

"It is rewarding to see the tangible impact of our efforts in raising awareness and essential funds for unpaid carers across the UK. The dedication of Rank colleagues to this cause is inspiring, and we are thrilled to extend this important partnership until at least 2027." 

Kirsty McHugh, CEO of Carers Trust said, “For over a decade, Rank have supported thousands of carers with grants at times when they needed it most. We are delighted that Rank is extending its partnership for a further three years, continuing to provide vital support for carers into 2027."

"This longstanding partnership is vital for us as a charity; it means we can offer long-term, unwavering support to carers in a time when many feel neglected and are struggling with the rising cost of living. On behalf of Carers Trust and the local carers centres within our network, I want to say a huge thank you to everyone at Rank who has made this possible—we are all incredibly grateful for your unstinting efforts to support carers.”  

Thriving Online Gambling Environment  

Alongside the success of traditional casinos, the UK online gambling landscape has been flourishing as well. A report from the UK Gambling Commission revealed a striking 12% growth in online gross gambling yield (GGY) during Q1 of 2024-25, amounting to £1.46 billion. This growth marks the second consecutive quarter in which operators have set new records for bets and spins, showcasing the robustness of the online gaming sector. 

With these indicators of growth, the landscape remains bright for the casino and online gaming sectors, particularly as the industry adapts to changing consumer preferences and regulatory challenges. 

As profits continue to surge in the UK casino sector, including online gaming, the industry is poised for further expansion. With increased regulations on the horizon, operators will need to embrace safe gambling practices while capitalising on the burgeoning market potential.  

Adapting to Evolving Market Dynamics 

Industry experts, such as Alun Bowen from Eilers & Krejcik Gaming, have emphasised that while the UK gaming market faces challenges—such as rising data costs and shifting consumer behaviours—there are significant opportunities for growth, especially in online gaming. Operators are increasingly prioritising safer gambling while innovating their product offerings to attract younger demographics, which is critical for long-term sustainability.  

The UK casino industry's rebound, backed by significant profit increases and an upswing in online engagement, showcases a vibrant and evolving market. The strategic appointments within the government and industry leaders' focus on adapting to regulatory landscapes will likely strengthen the sector’s growth trajectory moving forward.