Rank Group CEO Richard Harris said anti-gambling campaigns threaten the regulated casino sector in the UK. Commenting on the operator's annual results, he criticised proposals to raise gaming taxes further, warning they could force venue closures.
Remote gambling duty rose from 21% to 40% in FY'26. This week, mayor Andy Burnham proposed giving local authorities power to restrict betting shops, calling them 'dubious business'.
Harris argues further increases to the stake rate on category B machines would hurt land-based operators' margins and ultimately reduce tax revenue. 'Rank paid over £225m in tax last year. Raising the stake will lead to closures of bingo clubs and casinos that operate on thin margins,' he said. Government had supported bingo in recent years, but new measures could undo that.
Rank reported NGR up 5% to £835m ($1.13bn) for the year. Digital grew 8% to £248.5m, outpacing retail. EBITDA rose 15% to £138.3m and operating profit before tax climbed 21% to £78.6m.
But net profit after tax fell 23% to £29.9m as the tax burden offset growth. Reported operating profit dropped 7% to £55.7m.
Grosvenor casinos saw average weekly NGR up 5% to £7.6m. The company installed 850 new machines across 37 venues. Mecca grew 4% but closed nine unprofitable halls.
Rank warned that further increases to the machine stake rate, currently at 20%, would cut tax receipts within 12 months. Digital profitability will fall in the new financial year as online duty doubles.
