Dow Jones Newswires: Rank lowers operating profit view on casinos, inflation

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Rank Group PLC RNK, -15.42% 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.

Write to Kyle Morris at kyle.morris@dowjones.com

This article was originally published by Marketwatch.com. Read the original article here.

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