David Williams, Director of Public Affairs at Rank Group, has encouraged the UK government to enact long-awaited policy reforms as land-based casino operations look ahead to 2024.
The Betting and Gaming Council (BGC) has issued a call for reform within the casino industry. The council underlined the necessity of the modernization described in the Government’s White Paper, which was released in April, and encouraged prompt action while bringing attention to the financial challenges that casinos are facing. In response to worries about growing expenses, the BGC announced that the National Living Wage would increase by 9.8% in April 2024.
This increase would cost the Rank Group, who owns Grosvenor casinos and Mecca bingo clubs, around £10 million ($12.7 million) annually. This happens in the backdrop of the Group’s most recent financial reports, revealing a statutory loss and trading EBIT of £20.3 million. Furthermore, the BGC estimates that the upcoming statutory cost will force casinos to contribute 300% more to efforts to address gambling-related harm in the years to follow.
Contrary to many other businesses, casinos are unable to raise charges on consumers in order to cover these escalating expenditures. Rather, they depend on the White Paper’s policy initiatives to increase revenue. These reforms include the introduction of electronic payment methods, authorization of sports betting, and adjustments to the distribution of gaming machines.
In order to modernize and increase the appeal of casinos and bring them into agreement with international standards, the BGC has emphasized the significance of implementing policies on time.
The Council’s request for prompt action is consistent with its previous endorsements and responses, which have included approving guidelines for responsible advertising and supporting the UK Government’s proposed gambling charge.
