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Bingo hall and casino owner Rank faces £34m utility bill as it warns customers are spending less at the venues
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Rank Group is facing a £34m utility bill amid what bosses described as a ‘challenging’ backdrop.
The bingo hall and casino company has reported an increase in energy costs and weaker customer spending at its casinos.
Shares of the company, which runs Mecca Bingo, fell 10.8 percent as bosses said they expect the “challenging” conditions to continue “in the coming months.”
Bad luck for some: Mecca Bingo owner Rank Group has reported a rise in energy costs and weaker customer spending at its casinos
Rank recorded a 2 per cent increase in the group’s like-for-like revenue to £165.7 million over the three months to 30 September.
Rank told shareholders it expects consumer discretionary spending “will continue to be under significant pressure this year,” despite the positive impact of the support for household energy bills.
The gambling and gambling company said its own costs have continued to rise, and energy bills are expected to rise to £34 million for the current year, up from £23 million.