## The Partouche Group’s Recovery Stunted by Increased Taxation in France – iGB
The Partouche Group’s earnings in the third quarter surpassed pre-pandemic levels, but heightened taxes in France have negatively impacted its rebound.
The gaming conglomerate, which operates 41 casinos and employs nearly 3,900 individuals, reported that its total gaming revenue (GGR) for the three months concluding July 31 increased by 10.8% year-over-year to €167.9 million. This figure is also slightly higher than the third quarter of 2019, the most recent pre-pandemic period.
However, tax collection increased by 75.3% to €92.8 million, primarily due to adjustments in the way taxes are calculated in France, meaning the group’s net gaming revenue declined by 23.8% to €75 million.
Total consolidated revenue was €100.9 million, down 11.6% compared to the third quarter of 2021 and slightly lower than the €104.9 million in the third quarter of 2019. Partouche Group stated that its revenue was down €28.1 million compared to 2021, due to a series of business developments, including a loss of over €26 million due to the discontinuation of online gaming and betting operations in Belgium and the cessation of management of the Ostend casino.
Of the total consolidated revenue, casinos accounted for €87.8 million, lower than in 2021 and 2019. The hotel business grew significantly to €8.3 million, compared to just €2.6 million in 2021 and €3 million in 2019.
In France, GGR reached €152.9 million, an increase of 36%.
In comparison to the preceding timeframe, there was a two percent rise, with slot machines and conventional games experiencing a 29.8% and 67.3% surge, respectively. Electronic gaming revenue followed a similar pattern, increasing by 36.1%.
Switzerland and Belgium witnessed a 35.2% year-over-year growth in revenue. This was fueled by the expansion of online gaming in Switzerland, with its revenue reaching €2.9 million, compared to €1.6 million in the third quarter of 2021.
The Patoush Group reported a 490.4% year-over-year increase in income for the second quarter of its 2021-22 fiscal year after its casinos resumed operations. This occurred in June.
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