French Casino Renovations Impact Groupe Partouche’s FY24 Results

Renovation Disruptions in France

Groupe Partouche reported a modest 1.5% year-on-year rise in gross gaming revenue (GGR) for the 2024 financial year, reaching €712.3 million. The growth was hampered by renovation work at three major French casinos—Annemasse, Divonne, and La Tour-de-Salvagny—leading to partial closures.

The renovations affected revenues from electronic games (-1.4%), electronic table games (-0.7%), and traditional games (-2.5%) in France. Despite these challenges, slot machines generated €636.1 million in GGR, a 1.5% increase compared to FY23.

International Operations Show Strength

Groupe Partouche’s international venues delivered a stronger performance, with GGR outside France increasing 7.3% year-on-year to €76.3 million. The Meyrin casino in Switzerland benefitted from favourable exchange rates, contributing an additional €1.5 million in GGR. Traditional games GGR surged by 23.8% to €36.8 million, while Swiss online gaming GGR rose 34.5% to €23.6 million.

In Belgium, the Middelkerke casino reported a 33.3% increase in GGR, showcasing robust international growth.

Strong Finish to FY24

Despite a challenging third quarter, Groupe Partouche achieved a solid fourth quarter. Q4 GGR rose 2.3% year-on-year to €186 million, with net gaming revenue growing 6.8% to €27.9 million. Consolidated turnover for Q4 reached €107 million, a 3.7% increase compared to the previous year.

For the full fiscal year, consolidated turnover stood at €434.3 million, up 2.5% from FY23. The group paid €373.7 million in levies, resulting in €338.7 million in net gaming revenue, a 1.7% increase year-on-year.

Future Prospects

The group’s flagship Cannes casino underwent a significant upgrade, relocating to Palm Beach as the newly named Royal Palm Casino in December 2024. This move is expected to strengthen Groupe Partouche’s position in the French market as it continues its renovation projects.