Rank Group Plc Regulatory News (RNK)

LEI: 213800TXKD6XZWOFTE12

16 May 2024

The Rank Group Plc ('Rank' or the 'Group')

Publication of the Government's response to the land-based legislative reforms consultation

Rank welcomes today's publication of the Government's response to the land-based consultation launched in July 2023.

Today's announcement represents good progress and another important step closer to the passing of secondary legislation which will enable Rank's Grosvenor Casinos and Mecca Bingo venues to better meet the needs of our customers. The legislative process to deliver the land based reforms now commences with the Government announcing that six regulations will be laid before Parliament.

The increase in the number of gaming machines permitted in 1968 Act casinos from the current maximum of 20 per licence to up to 80 machines will result in Grosvenor Casinos broadly doubling B1 gaming machine numbers from 1,361 currently. We intend to add the first c. 700 machines during FY25, with further machines being added in the following years in line with property refurbishments, extensions and relocations.

Sports betting will be permitted in all casinos and we will be introducing various sports betting concepts in a number of Grosvenor venues.

We welcome the Government's commitment to removing the prohibition on direct debit card payments on gaming machines, alongside the introduction of appropriate player protections, and will now work closely with the Gambling Commission to ensure that customers are able to benefit from this change at the earliest opportunity.

In land-based bingo, the introduction of a 2:1 ratio in clubs, allowing operators to site two Category B3 machines for each Category C or D machine, will enable us to increase our current Category B3 cabinet numbers by c. 500 machines. This change will allow us to gradually remove ageing, reel-based machines from our Mecca estate. Overall, the Government's policy will enable us to reduce the number of cabinets across our Mecca estate.

John O'Reilly, Chief Executive of The Rank Group Plc 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."

Ends