Prominent iGaming and sportsbook operator GVC Holdings has advised investors that it may lose up to £7 million ($9 million) as a direct result of the proposed month-long coronavirus-related closure of its land-based venues in England.
The London-listed firm is responsible for the Ladbrokes and Coral-branded chains of retail sportbetting venues and used an official filing to detail that its annual earnings in the United Kingdom have already been hit to the tune of around £27 million ($35 million) owing to a raft of earlier temporary shutdowns initiated to help stop the spread of the potentially-lethal coronavirus pandemic. It stated that these included a complete nationwide closure that ran for twelve weeks from March 20 alongside subsequent regional lockdowns involving Wales and large tracts of the north of England.
Plain proposal:
However, GVC Holdings explained that this annual damage could now grow to as much as £34 million ($44 million) should parliamentarians approve a plan from Prime Minister Boris Johnson that would oblige all of its over 3,000 retail establishments in England to close for a month from Thursday. This controversial measure is set to be put to a vote on Wednesday afternoon and asks that all casinos and retail sportsbetting outlets in England be obliged to close their doors through to the end of December 2.
Continental concern:
The Isle of Man-based behemoth also revealed that coronavirus-related closures and increased health and social distancing restrictions instituted across the rest of Europe have so far cost it approximately £10 million ($13 million). It moreover pronounced that this knock could swell by a further £9 million ($11.6 million) should similar month-long shutdowns be implemented across its retail estates in Ireland, Italy and Belgium.
Troubling tally:
All in and GVC Holdings stated that coronavirus could eventually end up hitting its annual bottom line for retail in the United Kingdom and Europe by as much as £43 million ($55.5 million) even if it takes advantage of ‘government support where available and other retail cost mitigation.’
Read the filing from GVC Holdings…
“The well-being, safety and security of our colleagues and customers is of paramount importance to us. We are following government advice in each area of our operations and are enacting contingency plans to minimize the impact on the business.”
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