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Isle of Capri Demands UK Tax Reduction

UNITED KINGDOM – As reported by the UK Independent: "A second large American casino group has broken cover to demand a reduction in UK gaming tax as a condition of agreeing to back the Government's plans to deregulate Britain's betting industry.

"Isle of Capri, one of America's top 10 quoted gaming groups with annual revenues of $1.2bn (£663m), has called for the Government to cut taxes on large casinos in the UK from 40 per cent to 15 per cent.

"Tim Hinkley, the company's president and chief operating officer, said big US casino groups would only invest large amounts in the UK if they could generate a satisfactory return on capital. That return, said Mr Hinkley, would require UK gaming taxes to come down by more than half.

"…Mr Hinkley's comments come just over a month after MGM Mirage, the Las Vegas casino operator, said the current UK tax rate on casinos would be prohibitive to the type of large-scale gaming developments envisaged by the Government…"

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