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(Sharecast News) - Mecca Bingo and Grosvenor Casino owner Rank Group said on Thursday that the rise in machine games duty announced in this week's Budget will add around £9m in costs per year before mitigating actions.
Chancellor John Healey announced in his first Autumn Budget that from 1 April 2027, the MGD will increase to 25% from 20%. The news sent gambling stocks surging on Wednesday, as some had feared it would be doubled to 40%.
In a brief statement, Rank said duty costs for the current year will rise by around £2m.
"The group remains confident of delivering group LFL operating profit in line with expectations for the current year," it said.
At 1127 GMT, the shares were down 3.3% at 85.17p.
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