Rank Group posted like-for-like net gaming revenue of £216.1 million ($286.5 million) for the first quarter of its 2026/27 financial year, up 5%. Both sides of the business grew: digital added 6% and venues 5%. The quarter closed on 30 September 2026.
Venues and digital
Grosvenor Casinos delivered £108.1 million in like-for-like NGR, up 6%. Visits rose 1% and spend per visit 5%. Gaming machine revenue jumped 14%, table games contributed 3% and electronic games 5%. Rank shut three Grosvenor venues during the quarter — Swansea, Reading Central and Sunderland — calling those locations 'no longer economically viable in the medium term'. Mecca held like-for-like revenue at £32.2 million: spend per visit edged up 3% while footfall fell 3%, partly put down to hot weather in the UK. Spain's Enracha added 7% to reach £10.9 million, with electronic games there up 11%.
Digital booked £64.9 million, up 6% like-for-like. UK online revenue rose 6%, helped by the Mecca online brand, and international revenue 4%. Rank says the metrics of its UK digital business remain steady despite the higher taxes introduced in April 2026. Over the 12 months to June 2026, like-for-like NGR rose 6% to £834.1 million and fourth-quarter revenue was up 6% at £208.9 million.
The duty risk
The main risk sits with Machine Games Duty. CEO Richard Harris warned that any increase in the duty, including a possible doubling in the autumn budget, would raise costs, cut the viability of venues and lead to closures and job losses, while reducing tax receipts and halting investment. Deutsche Bank puts that scenario at roughly £35 million a year for Rank — about 44% of forecast 2028 EBIT and 17% of near-term EBITDA even with partial mitigation. The bank kept its hold rating, having cut it from buy in January 2026. For the full year, Rank expects like-for-like operating profit in line with market expectations if the UK tax regime stays unchanged. Half-year results to 31 December 2026 are due on 28 January 2027.
