Park Lane casino is reportedly on the verge of collapse as the swanky London hot spot struggles to carve a post-pandemic path.
Located in Mayfair’s Hilton Hotel, the private members club has struggled to gain momentum after its licence was revoked in 2020 by the gambling watchdog.
Silverbond Enterprises, the firm behind the Park Lane Club , was told the license was being revoked because of a “change in corporate control”.
The Gambling Commission said at the time: “We revoked this licence because we are not satisfied as to the source of funds (SOF) used to acquire and support the Licensee at the time of the change of corporate control or to whom future profits of the Licensee would be paid”.
“We also identified concerns with the suitability of the new controller because of its unsatisfactory history in providing information requested as part of our enquiries”, the body added.
The firm had already been forced to close as a result of coronavirus lockdown measures, and the Financial Times reported earlier this month that the company was now up for sale.
There was confusion over the ownership after the company’s founder Vasilijs Melniks lost control of the club and Swiss Italian banker Riccardo Tattoni replaced him.
Silverbond Enterprises was notably whacked with a £1.8m in 2019 for money laundering failings.
According to financial results in the year to September 2020, Silverbond made sales of £8.3m, compared to a previous £17.6m in 2019.