French casino operator Groupe Partouche has reported an 11% rise in gross gaming revenue (GGR) for the third quarter of fiscal year 2022.
During Q3, all Groupe Partouche casinos were open, and all health restrictions lifted, resulting in more favourable operating conditions when compared to the prior-year period.
This is reflected in the company’s financial results. GGR rose to €168m ($168m) for the third quarter, up when compared to both 2021 and pre-pandemic levels.
Groupe Partouche’s domestic performance drove this increase. The company’s French operations generated €153m in GGR, over 90% of its quarterly total.
However, rising levies offset the company’s top-line growth. For Q3, these increased by 75% year-on-year, going from €53m to €93m. As a result, net gaming revenue (NGR) fell by 24% to €75m.
The company attributed this to “the progressive scale in France,” where it said, “the lower tax brackets applied.”
Broken down, only Groupe Partouche’s hotel segment outperformed the prior-year period, generating €8.3m in turnover when compared to €2.6m.
Casinos remained the company’s largest segment, responsible for €88m, but this constitutes a 9% decrease when compared to last year’s €96.5m. Other also recorded a drop in turnover, which fell from €15m to €5m.
However, on a nine-month basis, Groupe Partouche’s performance looks considerably better. GGR is up by 127% from €202m to €458m, while NGR has risen from €143m to €228m.
The company’s casino segment, meanwhile, has experienced a 116% rise in turnover, generating €261m when compared to last year’s €121m.
Groupe Partouche remained optimistic, commenting: “The group’s activity continues to develop in a dynamic climate since the end of the constraints linked to the vaccination pass.”
Compared to the company’s contemporaries in France, such as FDJ, Groupe Partouche has recorded a similar return to form post-Covid.
However, unlike FDJ, Groupe Partouche relies less on iGaming, which may impact its performance going forward. The company would also appear to have been hit particularly hard by levies.
