Rank Group PLC RNK, -16.83% said Monday that it expects like-for-like underlying operating profit for fiscal 2022 to be below its previously guided range due to weaker-than-expected performance at its Grosvenor casino business and inflationary cost pressures.
The U.K. gambling company said it expects like-for-like underlying operating profit to be around 40 million pounds ($48.9 million) for the year ending June 30, compared with the previously-guided range of GBP47 million-GBP55 million.
Grosvenor’s performance has improved post April, but it has been considerably weaker than expected due to a slower-than-expected return of higher-spending overseas customers to London casinos, softness in visitor numbers across the U.K. and a lower-than-average casino win margin in the quarter to date, it said.
Performance in the other business segments has been broadly in line with management’s expectations, it said.
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