By The Weekly Edge desk ·
EGR reported that Rank chief executive Richard Harris opposed further gambling duty increases. He said additional rises would materially affect commercial viability.
The statement identifies commercial viability as Rank’s concern over further tax increases.
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A possible Machine Games Duty increase could affect investment decisions and the viability of UK casino venues.
The settlement imposes a financial cost on Rank Group’s casino operations for anti-money laundering and player protection failures.
The settlement subjects Rank’s casino operators to a £5,012,261 payment and external scrutiny of their AML and social responsibility controls.
Rank’s £5m settlement highlights regulatory consequences of missing source-of-funds checks, responsible gambling interventions and required enhanced customer checks.
The settlement requires Rank Group’s casino operators to pay £5m and undergo independent scrutiny of their money laundering and safer gambling controls.
The results combine higher shareholder distributions with lower statutory profit.