Update: Silverbond Enterprises is reportedly challenging the Gambling Commission’s decision to revoke its license to operate Park Lane Club London. It will submit its appeal before November 18.
Decision follows change in corporate control
The UK Gambling Commission (UKGC) has revoked the license of Silverbond Enterprises to operate its Park Lane Club London casino in Mayfair, following a “change in corporate control” at the gambling and casino company.
The UKGC said it was “not satisfied” that it would have issued a license to the unnamed new controller had it been at the helm when the commission granted the existing operating license. Additionally, the gambling regulator rescinded the license because it was not comfortable with the origins of the funds that went into acquiring and supporting the Park Lane Club London licensee. Nor was it happy with who would receive future monetary profits from the London casino.
The UKGC, created under the Gambling Act 2005, regulates commercial gambling in England, Scotland, and Wales, in partnership with licensing authorities.
Casino operator can still appeal
Helen Venn, executive director of The UKGC, added in a statement that the regulatory body also had misgivings about the new controller’s suitability “because of its unsatisfactory history in providing information requested as part of our enquiries.”
unsatisfactory history in providing information requested”
The cancelation of Silverbond Enterprises’ non-remote operating license falls under section 102(4)(b) of the Gambling Act 2005.
Silverbond has until 18 November to appeal the UKGC’s decision before the revocation comes into effect.
Old acquaintances renewed
The license revocation is not the first time Silverbond and the UKGC have crossed paths. In September 2019, the UKGC fined Silverbond £1.8m ($2.3m) for failing its enhanced due diligence checks and breaching its anti-money laundering responsibilities in operating the Park Lane Club in London.
under review since February 2016
The Mayfair casino property had been under review since February 2016 for its decision to offer cheque-cashing services of between £400k ($522k) and £2m ($2.6m) to three customers, according to a report by Vixio Gambling Compliance. It underwent proper inspection in 2018 after Silverbond owner Vasilijs Melniks had his assets seized by Ukrainian authorities, in connection with a €54m ($63) embezzlement and money laundering case.