The Rank Group are a major UK based company, who operate all manner of different betting and gambling sites and venues across Great Britain. However, they have just reported that their pre-tax profits are down by a staggering 40%, and that report is going to make grim reading for any current potential inventors in that company, with their share price taking a hammering this morning.
Their land based casino operation that being the Grosvenor Casino brand is suffering the most it would seem, and to be fair their bingo operation isn’t doing much better either that being the Mecca Bingo Clubs.
Having actually visited a number of their casino venues and their bingo clubs too recently they do appear to be run to the very highest of standards and they all offer visitors not only plenty of gambling opportunities but also plenty of dining and drinking venues too inside those land based casinos and bingo clubs so they are not completely gambling focussed venues by any stretch of the imagination.
In fact, their online operations are also part and parcel of their drop in profits, for those sites have seen a drop in income of 7.9 in regards to the income generated when compared to the figures over the last time period last year.
What is the Long Term Future for Rank?
What many people are speculating is that the Rank Group could be a prime target and sitting duck now for an overseas gambling company to take over the company, for with their share price dropping and with the value of GBOP also falling they do look like a tempting proposition for an investment company or established gambling related company.
However, the powers that be within the company have announced that they are going to be putting into place a long term strategy in the hope they can turn things around, and turn them around quickly too.
Online Gambling Sites Facing Huge Competition
The Rank Group did get into the online and mobile gaming environments rather late in the day, and it is certainly a case of survival of the fittest these days in those two gambling environments.
Bingo players are also able to pick can choose just where they play these days, and as such the Rank Groups Mecca Bingo brand are going to have to look at ways they can turn around the decline in their customers base, and do so rather urgently too.