Under-Performing Grosvenor Casino Venue Could Close As Losses Mount

British operator Rank Group has formally opened a consultation on its underperforming Grosvenor Casino Reading Central site, amid growing reports that it could close.

Grosvenor Casino Reading Central has been haemorrhaging significant losses, and this prompted a review by its owners, Rank, who are deeply concerned about the long-term viability of the venue. Site staff were supposedly informed of Rank’s intentions last month, but this has done nothing to quash the uncertainty over its future.

Venue’s financial problems laid bare

A letter addressed to employees last month revealed the financial troubles plaguing the Queens Street venue. Revenue performance at the facility was £630,000 below budget, while the site had made consistent losses over the past six years, with a combined loss of £2.3 million.

In the last financial year, the Grosvenor Casino venue confirmed an operating loss of £500,000, and it is predicted to make further losses of £400,000 over the next financial year. Added to that, operating costs had increased by 2% over the past eight years, while revenue slumped by 20% over the same corresponding period.

A Grosvenor Casinos spokesperson said: “These financial challenges have resulted in a position where continued operation of the venue may no longer be commercially sustainable. Therefore, having considered all available options, the company is proposing the permanent closure of Reading Central.

“The proposal has not been made lightly. However, the company believes closure may be necessary to mitigate ongoing financial losses, protect the overall health of the wider business and enable resources and investment to be focused on those areas with stronger commercial prospects and long-term growth potential.”

An “unsettling time”

While the struggling Grosvenor Casino is one of two in the town centre, with another located in Rose Kiln Lane, the Queen’s Street site is the worst performing in Rank’s portfolio. Though job cuts have been earmarked, which could impact dozens of employees, a letter confirmed that Rank are “seeking feedback to avoid or reduce redundancies”.

A letter read: “Please note that no final decisions regarding redundancies will be made until the consultation process has been completed.

“I appreciate this is an unsettling time for you; however, I trust that you will continue in a professional manner to deliver business as usual to our customers.”

Rank points to strong financial performance

The economic onslaught faced by casino companies has been brutal. Indeed, cost mitigations have been taken by many operators after a hike in gambling taxes saw remote gaming duty paid on online casino bets rise from 21% of gross gambling yield (GGY) to 40% in April.

Despite the prevailing industry worries, Rank is expecting to deliver record revenue for financial year 2026 (FY26) tomorrow when it unveils its full-year results. For the 12 months to the end of June, land-based revenue for its Grosvenor venues is tipped to hit £834.1 million, eclipsing last year’s record by 6% (£795.3m).

Based on the preliminary data available, digital is expected to account for the biggest uplift, equating to an 8% increase in revenue. As for its other venue business, Mecca, it is believed it will perform in line with forecasts.

It has been a busy time for Rank after appointing Richard Harris as their new permanent CEO last month following John O’Reilly’s decision to retire in January. While Rank still has obstacles to overcome, salvaging the aforementioned Grosvenor Casino would represent a serious achievement.

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