UK Casino Plans In Shambles
3 May 2008
The government of the United Kingdom may have egg on its face thanks to their established casino laws that has potential bidders for sixteen new casinos walking away from the legal process just as about the framework the for the businesses are being finalized. Aspers, Gala, Stanley Leisure, Ladbrokes, Genting and Rank have either cut back, or even abandoned, their plans to bid on new licenses for their planned casinos.
Part of the issue is that tax changes and the lack of interest in joining up are causing the businesses to back away. They feel that the enthusiasm that was behind the casinos that was once there has faded and all of their plans have gone up in smoke. The Casino Advisory Panel did an 18-month process run that cost £400,000 in 2007 that made another casino axe their plans for a super casino and the Casino Location Order is due to go before the House of Lords in a few weeks that could become law. The 16 licenses were originally created in response to the gambling laws that were shaken up by the report in the hope to generate jobs and boost the gaming industry. Part of this plan was going to increase the amount of slot machines currently in place. Now even this is in danger.
Aspers’ boss claims that they would bid for only four of the five licenses originally planned and much of the international interest – such as America’s MGM Mirage – has waned. With the MGM Mirage’s lay off of 400 employees, it is seriously doubtful that even if things change they will now get involved in building a British casino. It’s apparent that the commercial viability is gone and with the government taxing twenty-four pence of every pound that is earned, the companies are backing away because the government has now become the biggest shareholders of UK casinos.
The industry may become even weaker if advertising rights are taken away. Plus, the sixteen proposed casinos are going to be located in industrial towns. These places were chosen to help regenerate the economy. Unfortunately industry pundits feel that these locations will cause more problems for casinos that are already established.
With the American economy going down the tubes, the effect is being felt worldwide. This is where much of the interest is waning as people are finding that they have less disposable cash. Whether or not the sixteen casinos actually become reality remains to be seen and the Casino Location Order may have a big factor in the company’s decisions to proceed.
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Tags: casino advisory panel, casino location, gaming industry, mgm mirage, uk casinos