Partouche Reports 490.4% Surge in Q2 Earnings

The French gaming conglomerate Partouche observed a substantial surge in its earnings, registering a 490.4% year-over-year growth in the second quarter, coinciding with the reopening of its gambling establishments.

Partouche reported that the group’s total gaming income reached €148.2 million (£128.8 million/$154.5 million) in the three-month period ending April 30, 2022, a significant jump from €35.1 million in the corresponding period of the 2020-21 fiscal year. This notable increase was attributed to the resumption of operations at land-based casinos in France, following the relaxation of Covid-19 restrictions. French casinos were shuttered during the second quarter of the 2020-21 fiscal year due to Covid-19 limitations, while its Swiss properties only resumed operations towards the end of the quarter, and its lone casino in Tunisia was subject to a 10 pm curfew.

The operator acknowledged that certain measures remained in effect during the second quarter, including the requirement to present proof of vaccination at French casinos between January 24 and March 13, which impacted visitor numbers. In Switzerland, similar regulations were lifted on February 17.

Partouche highlighted that the quarter was affected by other activities, including the divestment of its stake in the Crans-Montana casino in Switzerland, while the company also discontinued its online gambling operations in Belgium.

Patush revealed that Switzerland’s internet gambling income reached €33 million in the second quarter, a doubling from the same period last year.

After subtracting €77.4 million in gambling levies and charges, the quarter’s net gambling income was €70.8 million, a 221.8% rise from the €22 million earned in 2020-21. The operator also produced €18.7 million in non-gambling income, which after deducting €0.5 million in loyalty program related expenses, resulted in a final income of €89.1 million, a 277.5% increase year-on-year.

However, Patush did not reveal specific details of its expenditures or ultimate profit.

As for the effect on the first half of the year, total gambling income for the six months ending April 30, 2022, was €290 million, a 480% increase from the €50 million generated in the same period last year.

Levy and tax costs were €136.6 million, resulting in a net gambling income of €153.4 million, a 246.3% increase year-on-year. Non-gambling income was €35.2 million, meaning that after deducting €1.4 million in loyalty program costs, total income was €187.2 million, a 296.6% increase from the first half of 2020-21.

The continued growth in the second quarter comes after Patush announced in March that it would prepay its government-backed emergency COVID-19 loan, following a 469.5% increase in total gambling income in the first quarter of the 2021-22 fiscal year.

At the outset, the Pachinko parlor, operating under the name Pachinko Parlor, aimed to secure a permit to construct a comprehensive resort complex in Wakayama Prefecture, Japan. This endeavor was undertaken as the operator for Clairvest Neem Ventures, a Japanese holding corporation, which had been chosen as the contender for Wakayama’s integrated resort license.

However, Clairvest Neem ultimately dissolved its collaboration with Pachinko Parlor, and the operator was ultimately supplanted by Caesars in the bidding procedure.

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