Major US casino operators are delaying planned large scale investments in the British market, citing uncertainty over levels of taxation, the Independent has reported.
At issue is the taxation of new high-prize slot machines, and at least two firms, MGM Mirage and Las Vegas Sands Inc, are holding back on plans to build new casino and leisure facilities in various urban areas in the UK until the Treasury makes a commitment on levels of taxation.
“The future taxation regime still needs clarity and will have a critical effect on the shape of the future landscape," noted Lloyd Nathan, the head of MGM's European development business, according to the Independent.
Rodney Brody, of LVSI concurred: "At present taxation is not at an acceptable level. The longer it takes to be clarified, the longer it holds back our investment and areas go without regeneration.”
The Government said yesterday that it would allow the development of regional casinos with up to 1,250 unlimited-jackpot slot machines in town centres and residential areas.
However, the plans have attracted criticism from domestic UK casino operators, who believe the decision to site the new machines only in regional casinos is "unnecessarily restrictive".
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