Casino and Mecca Bingo owner Rank falls victim to £6.2m payment fraud in Spain
Rank Group, the company behind Mecca Bingo and Grosvenor Casinos, has faced a difficult start to the year. A £6.2 million fraud in Spain and a major tax hike have hit its finances hard. The firm’s share price also dropped sharply after the news broke.
The troubles began when Rank discovered a £6.2 million payment fraud in its Spanish operations. The company has not identified those responsible, but it is working with police and an external law firm to investigate. The financial loss from the fraud will appear as an exceptional item in its 2025-26 financial reports.
Separately, Rank’s annual earnings are set to fall by about £46 million due to a tax increase on remote gaming. The rate will jump from 21% to 40%, putting pressure on profits. However, the £6 million saving from the removal of bingo duty will help soften the blow. Despite the setbacks, Rank sees opportunities ahead. New casino reforms will allow the company to add 850 more gaming machines across its venues. The changes also relax restrictions on sports betting in casinos. Rank has been improving its risk management systems and plans to speed up these efforts following the reforms. Investors reacted quickly to the news, with Rank’s shares dropping 4.7% to 100.4p. The company will release its interim results on January 29.
The fraud and tax changes will weigh on Rank’s finances in the coming year. The company is now focusing on expanding its gaming operations and tightening security measures. Police investigations and internal reviews remain ongoing.
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