A proposed increase to the tax on gaming machines, from 20 to 40 per cent, could lead to 13 of Genting's 32 casinos becoming unprofitable or unsustainable. This change would add approximately £16m annually to Genting's costs.
According to Genting's modelling, over 850 jobs in these venues, along with around 50 roles in supporting teams, would be at risk. Paul Willcock states that tax policy should recognise the full contribution of modern casinos, which are described as regulated entertainment destinations that invest in city centres and support local careers.
Genting is planning a £50m transformation of the London Trocadero, which would combine a casino with food, drink, and entertainment, creating between 350 and 400 permanent jobs. The company has also invested close to £1bn in its casino estate across the UK since entering the market.
Genting's modelling also suggests that revenue lost from potential casino closures could outweigh the additional machine duty collected from remaining venues, potentially leading to less overall revenue for the Treasury.