Michael Dugher, CEO of the BGC, expressed his grave concerns over the rising cost of energy, saying: “The cost of simply doing business is rising at an exponential rate. If urgent action isn’t taken soon, continued energy price increases could have a catastrophic impact across the hospitality and leisure sector, including hitting our members.”
He added: “Casinos are a vital pillar of the hospitality and tourism sector in cities and towns across the UK. Just like the rest of the hospitality sector they are struggling to build back after the global pandemic and now they face a new crisis.”
In Britain, there are 6,500 betting shops and 121 casinos that employ 44,000 people, which generate over £4bn ($4.72bn) to the economy every year, contributing around £2bn in taxes.
Businesses are facing a 300% increase in the cost of energy, while the Rank Group recently stated the cost of energy in the UK could hit £46m this year – a figure up from £23m last year.
The news comes as the UK Government prepares for a handover of leadership, with Prime Minister Boris Johnson stepping down after he was forced to resign. Currently, Rishi Sunak and Liz Truss are battling it out for 10 Downing Street, and both have laid out plans to ease the crisis when the results of the Conservative election are announced in September.