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FTSE 100 slumps after Fed taper warning and virus fears – business live | Business



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FTSE’s 2% drop wipes almost £50bn off the index

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Bingo is back – Rank

Bingo is back according to Mecca owner Rank, whose venues have outperformed expectations since reopening in May, but pandemic closures pushed annual losses at the group to more than £100m, reports our media business correspondent Mark Sweney.

Rank, which owns the Mecca Bingo and Grosvenor Casino brands, said revenues almost halved from £629.7m to £329.6m in the year to the end of June. The company made a £107m pre-tax loss, compared with a £13.4m profit in the previous year.

The group is heavily dependent on its physical venues, which account for four-fifths of total revenues, with the government’s pandemic measures keeping its bingo halls and casinos closed for 59% of its financial year.

“Frankly, we are delighted it is over,” said John O’Reilly, the chief executive of Rank. The company lost £15m a month during closure periods.

However, O’Reilly said that business has bounced back better than expected since re-opening in May, with an additional boost since the further loosening of social distancing restrictions last month.

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The roulette wheel at the Grosvenor Edinburgh Maybury Casino.

The roulette wheel at the Grosvenor Edinburgh Maybury Casino. Photograph: Jane Barlow/PA


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