Rank Group (LSE: RNK) reported a 5% increase in net gaming revenue (NGR) to £216.1 million ($290 million) for Q1 FY2027, but the company’s CEO warned that further tax increases would lead to venue closures and job losses at the operator.

The company, which operates the Grosvenor Casinos and Mecca Bingo brands, reported 6% revenue growth for both its digital division and its Grosvenor venues during the quarter ending September 30.

Rank said it had made a “strong start” to the new financial year, and said it was confident of delivering operating profit “in line with market expectations for the current year.”

CEO Richard Harris welcomed the results but warned that further tax increases could threaten the viability of the company’s land-based operations.

“Speculation regarding the upcoming Budget continues to weigh heavily on investor sentiment, but our message has been clear: any increase to Machine Games Duty will increase costs, reduce venue viability, lead to venue closures and job losses, reduce tax receipts and halt investment,” Harris said.

“HM Treasury recognised these economic arguments last year and, with the right conditions, we believe our casinos and bingo clubs can play an important role in the government’s growth agenda.”

Harris’ warning mirrors similar comments from Entain CEO Stella David , who last month warned that an increase in Machine Games Duty would make it “harder to sustain shops, jobs and investment in local communities.”

Rank’s Grosvenor casino business generated £108.1 million ($145 million) in like-for-like NGR for the period, an increase of 6% year-on-year.

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Cross-verification against multiple primary wire reports and sector intelligence feeds corroborates that sustained attention on this matter is likely to persist. Stakeholders are tracking subsequent milestone announcements to gauge long-term structural impact.

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