Renovations at French Casinos Impact Groupe Partouche's FY24 Gross Gaming Revenue

In terms of specific performance, land-based casinos demonstrated the highest revenue, reaching €391.5 million, marking a 2% increase from the previous year. Hotel operations reported an 11% rise, totaling €31.2 million, although other revenue streams saw a decline of 2.5%, resulting in €11.6 million.

The company embarked on extensive renovation projects at its top three French locations during this time, which influenced their performance across various gaming verticals: electronic games (-1.4%), electronic table games (-0.7%), and traditional games (-2.5%). The renovations affected venues in Annemasse, Divonne, and La Tour-de-Salvagny.

After concluding the fiscal year, Groupe Partouche’s Cannes casino relocated to Palm Beach, with the revamped Royal Palm Casino completing its move by early December.

Slot machines in France contributed €636.1 million to the country’s GGR for FY24, which is a 1.5% increase from the previous year, despite the renovation activities at the casinos.

Swiss Market Growth for Groupe Partouche

Outside of France, the company experienced a 7.3% increase in annual GGR, bringing it to €76.3 million. This growth was partly due to a beneficial exchange rate, particularly affecting the Meyrin casino in Switzerland, which added €1.5 million to GGR. Traditional gaming revenue surged by 23.8%, reaching €36.8 million, and online gaming GGR in Switzerland soared by 34.5%, achieving €23.6 million. In Belgium, the Middelkerke casino also reported strong performance with a 33.3% rise in GGR.

Recovery After a Challenging Q3

In the fourth quarter (covering the four months leading up to October 30), GGR increased by 2.3% year-on-year, amounting to €186 million. Net gaming revenue for the quarter also witnessed a 6.8% boost, reaching €27.9 million, while consolidated turnover expanded by 3.7% to €107 million.

The Q4 turnover exceeded the €106.8 million of the previous quarter, which had been affected by a challenging summer period in France, described by Groupe Partouche as “gloomy.”

During Q4, casinos generated €94.4 million of the consolidated turnover, reflecting a 2.1% increase. Hotel revenue rose by 7.0%, and other revenue categories showed a 13.2% growth.

Throughout the fiscal year, Groupe Partouche paid €373.7 million in levies, which resulted in a net gaming revenue of €338.7 million, an uplift of 1.7%. Excluding net gaming revenue, turnover improved by 4.5%, totaling €98.5 million, while the company allocated €2.9 million for loyalty program expenses.

Concluding FY24, Groupe Partouche reported a consolidated turnover of €434.3 million, marking a 2.5% increase compared to the previous year.