Grosvenor casino owner Rank Group cuts jobs amid gambling tax rise
Summary
Rank Group, the owner of Grosvenor casino, has cut its workforce to rein in costs as it continues to deal with the fallout from Chancellor Rachel Reeves' decision to raise the online gambling tax. The move to raise the Remote Gaming Duty (RGD) rate from 21 per cent to 40 per cent took effect in April, forcing the group to slash marketing expenditure and supplier costs alongside making headcount reductions. The firm chose to preserve targeted digital advertising and customer incentives to retain players on its digital platforms. Shares rose 8.3 per cent in early trading. The group also submitted a regulatory settlement proposal to the Gambling Commission, offering to pay £5m to avoid a penalty for licence breaches. Despite the challenges, like-for-like digital net gaming revenue increased by 12 per cent in the final quarter.
(Source:Business Live)