Groupe Partouche, a French casino company founded in 1973, has published its financial results for the third quarter of the current fiscal year. The company recorded a slight increase in its revenues thanks to the lifted COVID-19 restrictions.
Strong GGR Was Offset By Rising Costs
Groupe Partouche posted a GGR of $168 million for the period, which represents an 11% increase compared to Q3 2021. The current results surpassed both the operator’s Q3 2021 and Q3 2019 levels. The company attributed the revenue growth to the lifting of the COVID-19 restrictions, which allowed it to reopen its brick-and-mortar venues.
Most of Groupe Partouche’s revenues came from its domestic market. The casino operator’s operations in France generated $153 million, which represents 91% of its revenues.
Unfortunately, the higher GGR was not enough to offset the company’s operating costs. Because of the rising costs of living, Groupe Partouche’s Q3 spending rose from $53 million in Q3 2021 to $93 million in Q3 2022. This is notably a 75% YOY increase that led to lower net gaming revenues.
The Casino Segment Underperformed but Hospitality Flourished
Taking a look at how the company performed segment by segment, we see that Groupe Partouche’s casino operations continue to be its largest source of revenue. However, they still recorded a 9% decrease to $88 million. Meanwhile, Groupe Partouche’s hospitality segment recorded a whopping 219% growth from $2.6 million in Q3 2021 to $8.3 million in Q3 2022.
Despite certain challenges, the Group’s results continue to be favorable. The nine-month period since the beginning of the fiscal year saw Groupe Partouche’s financial results skyrocket. If the company is able to maintain this performance throughout Q4, it might record significant full-year improvement.
A company spokesperson confirmed that the company forecasts favorable FY 2022 results and is thrilled to operate in a post-COVID market.
The French Market Is Recovering
FDJ, France’s biggest lottery operator, is experiencing similar recovery. In July, the company posted its results for the first half of 2022. While FDJ’s revenues remained buoyant, the slight improvements inspired the company to do better.
As the French betting market continues to recover from the damages caused by COVID, companies such as Groupe Partouche and FDJ continue to be optimistic about the future.
Speaking of FDJ, the company recently relaunched Mission Patrimoine, one of its most popular recurring initiatives. Players who buy the special Mission Patrimoine tickets will directly support the conservation and restoration of France’s cultural heritage.