Genting Casinos to close Coventry site amid cost pressures

Genting Casinos has confirmed it will close its land-based casino in Coventry, according to SBC News.

The operator said the venue, which opened in 2012 and employs 51 staff, is no longer commercially viable to keep trading, pointing to what it called "commercial pressures facing the land-based casino sector".

Genting said casinos have had to absorb "substantial increases in employment costs, business rates, energy costs and regulatory compliance expenditure, alongside increases in gaming taxation", which it said have squeezed margins across the industry.

The company added that the closure shows the practical impact of rising costs combined with a tax regime that it argues is making it harder for regulated venues to stay financially sustainable.

Genting also raised concerns about a possible rise in Machine Gaming Duty, which SBC News reports could be addressed when the Chancellor of the Exchequer delivers the Budget on 28 October.

Discussions about doubling MGD rates have gathered pace in recent weeks, with proposals that would take the lower rate from 5% to 10%, the standard rate from 20% to 40%, and the higher rate from 25% to 50%, SBC News reports.

The think tank Social Market Foundation has been among those pushing for the change, and former Prime Minister Gordon Brown has also backed higher MGD rates as a way to boost public finances, according to SBC News.

The gambling sector already faced significant duty rises in last year's Budget, when Remote Gaming Duty was increased from 21% to 40%, with General Betting Duty set to rise from 15% to 25% from April 2027, SBC News reports.

Industry figures have repeatedly warned that further tax increases would trigger job losses and shop closures, with some operators already reviewing the size of their estates.

Betfred founder Fred Done has previously predicted that high-street betting "will become extinct by 2030".

Genting said any increase in Machine Games Duty would force the closure of further venues, warning of "the loss of hundreds of skilled jobs and reducing economic activity in towns and cities where casinos form part of the leisure, hospitality and night-time economy".

The operator also argued that closures would deter local investment, limit consumer choice and ultimately cut tax revenues from an industry it says already contributes significantly to the UK economy.

Genting further suggested that pressure on the regulated casino sector risks creating space for illegal high street casinos to expand, according to SBC News.