Rank shares slip 3% as UK machine games duty rise to cost £9 mln a year

 Shares in Rank Group PLC (LON:RNK) were down 3% on Thursday after the owner of Grosvenor Casinos and Mecca Bingo said a rise in UK machine games duty announced in the budget would cost it around £9 million a year.

Rank said the duty would rise to 25% from 20% from April 1, 2027, as set out in Wednesday’s UK Autumn Budget statement.

The £9 million figure is before the company takes steps to offset the higher duty. For the current financial year, which ends on June 30, 2027, the duty will add about £2 million to costs.

Rank said it still expects group like-for-like operating profit for the current year to be in line with expectations.