The Partouche Group experienced a dramatic increase in earnings during the second quarter, with revenue climbing a staggering 490.4%. This surge was primarily fueled by the reopening of its gambling establishments.
The group’s overall gaming income reached €148.2 million (£128.8 million/$154.5 million) in the second quarter of the 2021-22 fiscal year, concluding on April 30, 2022. This represents a substantial increase from the €35.1 million recorded during the same period in the 2020-21 fiscal year.
This significant growth is attributed to the reopening of physical casinos in France following the relaxation of COVID-19 restrictions. During the second quarter of the 2020-21 fiscal year, French casinos were closed due to COVID-19 regulations, while its Swiss casinos only resumed operations towards the end of the quarter. Additionally, its sole casino in Tunisia was subject to a 10 pm curfew.
The group indicated that during the second quarter, French casinos required proof of vaccination between January 24 and March 13, which limited visitor numbers. Similar restrictions in Switzerland were lifted on February 17.
Partouche acknowledged that the quarter was also influenced by other factors, including the sale of its stake in the Crans-Montana casino in Switzerland and the discontinuation of its online gambling operations in Belgium.
Patush highlighted that, in relation to other online businesses, Swiss online gambling generated a total income of €33 million in the second quarter, a 200.0% increase compared to the same period last year.
After subtracting €77.4 million in gambling taxes and fees, net gambling income for the quarter was €70.8 million, a 221.8% rise from €22 million in 2020-21. The operator generated an extra €18.7 million in non-gambling revenue, leading to final revenue of €89.1 million after deducting €0.5 million in costs associated with loyalty programs, a 277.5% year-on-year increase.
However, Patush did not provide specific details regarding its expenditures or final profits.
Regarding the impact on the first half of the year, total gambling income for the six months ending April 30, 2022, was €290 million, a 480.0% increase from €50 million in the same period last year.
Tax and levy costs were €136.6 million, resulting in net gambling income of €153.4 million, a 246.3% year-on-year increase. Non-gambling revenue was €35.2 million, meaning that after subtracting €1.4 million in loyalty program costs, total revenue was €187.2 million, a 296.6% increase from the first half of 2020-21.
The continued growth in the second quarter follows Patush’s announcement in March that it would prepay its state-backed emergency COVID-19 loan, after a 469.5% increase in total gambling income in the first quarter of the 2021-22 fiscal year.
Clairvest Neem Ventures, a Japanese holding company, had been chosen as the bidder for Wakayama’s integrated resort license. Pachinko, operating on behalf of Clairvest Neem, had applied for a permit to construct a comprehensive resort in Wakayama Prefecture, Japan.
However, Clairvest Neem ultimately ended its partnership with Pachinko, resulting in Caesars taking over as the operator of the bid.
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