(Alliance News) - Rank Group PLC on Thursday welcomed a publication by the UK government which follows a land-based consultation launched in July last year.
The Maidenhead, Berkshire-based casino owner has operations in the UK and Spain under the Grosvenor, Mecca, Yo and Enracha brands.
The company said the UK government will permit an increase in the number of gaming machines to 80 per licence, quadrupled from 20.
Rank shares rose 6.0% to 94.80 pence each on Thursday afternoon in London.
The new regulations to be voted on by parliament "will result in Grosvenor Casinos broadly doubling B1 gaming machine numbers from 1,361 currently. We intend to add the first around 700 machines during FY25, with further machines being added in the following years in line with property refurbishments, extensions and relocations."
Chief Executive Officer John O'Reilly said: "Today's government response to the land-based consultation is good news for Rank. Providing the legislation is on the statute books by recess in late July, we are looking forward to improving the customer proposition in our venues with a roadmap of investments and improvements in the months and years that follow. The legislative modernisations cannot come a moment too soon, so we are pleased with the progress contained in today's announcement."
By Tom Budszus, Alliance News slot editor
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Rank (RNK)