UK's Longest-Running Casino, Crockfords, Faces Potential Shutdown
The future of Crockfords Casino, one of the most lavish gaming venues in the UK, remains uncertain. The casino's owner, Malaysia's Genting Group, has announced a 30-day consultation period with staff as they consider the establishment's fate, according to The Daily Mail.
Genting Casinos UK President Paul Willcock stated in a statement that Crockfords has been negatively impacted by a mix of factors that have put London at a disadvantage in the international gambling market. He assured that no decision would be made without considering the opinions of the casino's approximately 100 workers.
Should Crockfords shut down, it would be the third prestigious London casino to do so in recent times, after the Ritz Club and the Clermont, primarily due to the lack of high-stakes gamblers flocking to the city.
"We highly value our employees, and we are dedicated to our responsibility towards them," Willcock commented. "There are no repercussions for our other casinos during this process, and we will not make further comments until the consultation is finalized."
Wealthy Gamblers Choosing Other Cities
During a recent earnings call, John O'Reilly, the head of the UK's leading casino group, Grosvenor, stated that the wealthy high rollers who traditionally frequented London's casinos are now preferring Paris or Milan instead.
This shift is partly attributed to the British government's 2021 elimination of the duty-free system for foreign visitors, which previously allowed them to reclaim the 20% sales tax (VAT) on items purchased in the UK.
Additionally, the Gambling Commission's 2020 ruling banning gambling with credit cards has negatively impacted London's high-class casinos.
Successful Fishmonger
Crockford's was founded in 1828 by William Crockford, a fishmonger with a knack for numbers. He was a self-made millionaire praised for relieving Britain’s upper classes of their fortunes, making him uncommonly wealthy during a time when social mobility was rare.
Yet, the current iteration of Crockfords merely resembles its original days. The original club ceased operations in the early 1870s and was reopened in 1928 as a bridge club that eventually introduced casino games. This casts doubt on their claim of being the UK's oldest gambling club.
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Source: www.casino.org
