It is that time of the year again when corporate entities unravel the fruits of their labor over the past financial quarter, and standing among those is Groupe Partouche, a renowned name in the gaming and hospitality industry. Recent figures have surfaced, revealing that the Gross gaming revenue (GGR) for Q1 was marginally ahead of €171.9m, nudging past the earnings of the previous year. This first-quarter window encapsulates the financial mojo of the group for the three months leading to the end of January 2024.
Paying attention to the activities in the operator’s home terrain, France, a stable year-over-year GGR was observed with a respectable sum of €153.8m. This was supported by revenue from slot machines, which experienced a modest growth of 1.4%, climbing to €121.2m. However, this gain was slightly offset by a 5.2% contraction in GGR from table games, including both electronic and traditional forms, culminating in €32.5m.
On a different note, the facilitation outside of France’s geographical boundaries presented an enriching story, with GGR hitting €19.4m, marking a 7.3% increase relative to Q1 of the previous year. Notably, the operations in Switzerland contributed to this uptick, with GGR from online verticals in the country seeing a tremendous rise by 52.8%. Conversely, there was a downtrend in slot machine GGR which saw a drop of 7.5%.
Concurrently, there was an observable increase in net gaming revenue alongside the rise in GGR. Groupe Partouche reported that the net gaming revenue for the quarter was up by 1.4%, totaling €98.1m after accounting for the €75.0m in levies incurred during Q1. Beyond the domain of net gaming revenue, turnover excluding this revenue stream soared by 4.0%, amounting to €21.3m. The operator also pointed out an expenditure of €700,000 attributed to fidelity program costs.
Looking at the total consolidated turnover, a modest growth of 2.0% was recorded, signaling a cumulative €118.7m for Q1, with the lion’s share originating from casino operations. More precisely, casino turnover was up by 1.4% reaching €110.4m. Meanwhile, the hotels business segment outperformed other areas with a turnover ascending by an impressive 19.4% to €6.2m. In contrast, a downward movement was seen in other revenue streams, showing a 6.1% fall to €2.1m in the first quarter.
The just-announced growth serves as a continuation of a successful 2023 financial year for Groupe Partouche, during which the GGR escalated by a notable 10.2% to reach €701.5m. The net gaming revenue for that year experienced a swell of 9.0% summing up to €332.9m and an equivalent 9.0% increase brought the group’s turnover to an applaudable €423.8m.
While further financial specifics remain undisclosed at this juncture, Groupe Partouche did unveil details about an innovative collaboration. In a strategic move, Groupe Partouche will pool resources with Julien Manival, the proprietor of Group Bonne Compagnie, which supervises seven establishments across the Occitanie region in France. This alignment is set to spawn a new venture, Must Group, with a focus on delivering experiences rich in hospitality and entertainment.
The vision for this partnership is crystal clear – to curate unparalleled experiences that marry culinary splendor, innovation, and entertainment in a contemporary and lively setting. Among the preliminary initiatives of this joint endeavor is the acquisition of a dine-in establishment in Paris, with its doors slated for opening in the early stretches of the next year. Additionally, the two companies have plans to revamp a beachfront restaurant in Cannes, further broadening the reach and impact of Groupe Partouche’s hospitality footprint.
