French Casino Renovations Impact Groupe Partouche’s FY24 Results
Renovations Disrupt Key French Casinos
Groupe Partouche’s gross gaming revenue (GGR) for the 2024 financial year grew by a modest 1.5%, reaching €712.3 million. The increase was dampened by extensive renovation projects at three major French casinos—Annemasse, Divonne, and La Tour-de-Salvagny—which experienced partial closures.
These disruptions led to declines in revenue across key gaming categories in France, including electronic games (-1.4%), electronic table games (-0.7%), and traditional games (-2.5%). However, slot machines demonstrated resilience, generating €636.1 million in GGR, marking a 1.5% increase compared to the previous fiscal year.
International Growth Shines
While renovations impacted domestic operations, Groupe Partouche’s international venues showed strong performance. GGR outside France rose by 7.3% year-on-year to €76.3 million. The Meyrin casino in Switzerland benefitted from favourable currency exchange rates, adding €1.5 million to its GGR. Additionally, traditional games GGR at international locations surged 23.8% to €36.8 million, and Swiss online gaming revenue increased 34.5% to €23.6 million.
In Belgium, the Middelkerke casino posted an impressive 33.3% growth in GGR, highlighting the group’s expanding international footprint.
Strong Fourth Quarter Closes FY24
Despite challenges earlier in the year, Groupe Partouche recorded a solid fourth quarter. Q4 GGR grew by 2.3% year-on-year to €186 million, while net gaming revenue rose 6.8% to €27.9 million. The group’s consolidated turnover for the quarter reached €107 million, a 3.7% increase compared to the same period in FY23.
For the entire fiscal year, consolidated turnover stood at €434.3 million, up 2.5% from FY23. After accounting for €373.7 million in levies, net gaming revenue reached €338.7 million, a 1.7% year-on-year increase.
Looking Ahead
In December 2024, Groupe Partouche completed the relocation and upgrade of its Cannes casino, rebranded as the Royal Palm Casino at Palm Beach. This development is expected to strengthen the group’s market presence as it continues its renovation projects to enhance customer experiences.
