Groupe Partouche recovery hit by increased French taxes
Groupe Partouche saw revenues beat pre-pandemic levels during Q3, however higher tax levies in France hurt its recovery.
The gaming group, which operates 41 casinos and employs nearly 3,900 people, said gross gaming revenue (GGR) during the three months to 31 July was up 10.8% year-on-year to €167.9m. This figure was also up slightly on Q3 2019, the most recent year before the pandemic.
However, a 75.3% increase in levies to €92.8m, mainly due to changes to how tax is calculated in France, meant the group’s net gaming revenue figure was down 23.8% to €75.0m.
Total consolidated turnover was at €100.9m, which was down 11.6% compared to Q3 2021 and down slightly on the €104.9m recorded in Q3 2109. Groupe Partouche said its turnover took a hit by €28.1m compared to 2021 because of a number of business developments, including the loss of more than €26m due to the cessation of the operation of online games and bets in Belgium and of the management of the Ostend casino.
Within the total consolidated turnover, casinos accounted for €87.8m, which was down on both 2021 and 2019. The hotel segment was up considerably to €8.3m, compared to just €2.6m in 2021 and €3.0m in 2019.
In France, GGR amounted to €152.9m, which was up 36.2% compared to the previous period, with slot machines and traditional games growing by 29.8% and 67.3% respectively. The GGR of electronic games followed the same trend, rising 36.1%.
In Switzerland and Belgium, GGR rebounded by 35.2% on a like-for-like basis compared to the previous period. This was driven by the ramping up of Swiss online games, whose GGR came to €2.9m compared to €1.6m in Q3 2021.
In June, 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.