Attempting to come up with a plan
The oldest casino in Britain may have end its nearly century-long run as it is struggling to attract sufficient levels of high-net-worth customers. Crockfords Casino in Mayfair, which opened in 1828, has attracted exclusive clientele over the years. It currently has about 100 employees and is owned by Malaysia-based Genting Group.
no decision will be made until the views of our staff have been heard”
Its future, though, is now up in the air and it has begun a 30-day staff consultation process to see if it can find a way to survive. Talking about this plan, Genting Casinos UK Chief Operating Officer and President Paul 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.”
Willcock noted that none of the company’s other casinos will be impacted and he will not comment further until the process concludes.
Dropping interest levels
Business at the casino has been slow since the COVID-19 pandemic and a so-called tourist tax is now a deterrent to certain wealthy tourists visiting the region. People can no longer take advantage of VAT-free shopping since the UK exited the European Union. Some of the largest retailers in the region are pushing the government to reinstate this tax break to help boost the economy.
Rank Group, the parent company of rival casino company Grosvenor Casinos, said last month that a lot of high rollers from the Middle East now prefer to go to Milan and Paris instead of London. A few well-known casinos have shut their doors in London recently as a result of this growing trend, including The Clermont and The Ritz.
A storied history
William Crockford, originally a fishmonger, founded Crockfords Casino in 1828. He went on to become one of England’s wealthiest self-made businesspeople. The casino started out as a private members club at a time when gambling was a favored pursuit among the elite in England. It eventually moved to Mayfair where it began to attract global high rollers.
it alleged that poker legend Phil Ivey cheated when playing baccarat
The property has had its share of controversies, most notably when it alleged that poker legend Phil Ivey cheated when playing baccarat. Crockfords ultimately won a court case and recovered the £7.7m ($9.4m) in winnings it had paid out to Ivey. The poker player vehemently denied any wrongdoing and got his £1m ($1.2m) stake back.