Crockfords Casino, the U.K.’s oldest gaming venue founded in London in 1828 by fishmonger William Crockford, could close permanently due to a lack of high-end gamblers, according to a Daily Mail report.
Malaysia’s Genting Group, the casino’s owner, began a 30-day “consultation process” to determine the future of the $97 million property which has 100 employees. The venue is well-known for its exclusive clientele including aristocracy, royalty and celebrities.
In a statement, Genting Casinos U.K. President Paul Willcock said “a combination of factors” could lead to the shutdown.
He said London is at a “competitive disadvantage” compared with other international markets. Willock noted two high-end London casinos, the Ritz Club and the Clermont, recently closed from a lack of high-roller gamblers. Also, in a recent earnings call, John O’Reilly, chief executive officer at Grosvenor, the U.K.’s largest casino group, said Middle Eastern high-end gamblers have been bypassing London for Pairs or Milan.
Business at Crockfords has not fully recovered to pre-pandemic levels, Willock said. Another factor has been the loss of the “tourist tax” for foreign visitors, allowing them to regain the 20 percent sales tax or value-added tax on items purchased in the U.K. The system ended in 2021 when the nation left the European Union.
Additionally, the U.K. Gambling Commission’s 2020 rules regarding who can gamble with credit cards also impacted London’s high-end casinos.
Willcock said, “We will explore all options during the consultation period and no decision will be made until the views of our staff have been heard. None of our other casinos are affected in any way by this process and we will not be commenting further while this consultation is underway.”
