[ad_1]
Posting date: 14 April 2024 at 03:47h
Last Updated: April 14, 2020, 3:47 a.m.
London’s most upscale hotels Apsinalls Club The company has expressed “material uncertainties” about its future due to regulatory actions against its parent on the other end of the globe.
Crown Resorts of Australia has owned the exclusive members’ club since 2011 for high-rolling players. The company is now facing suitability assessments over its gaming licences on domestic properties.
London’s Evening StandardDirectors of the loss-making Aspinalls Casino said that they would be relying on Crown to help cover their liabilities in these turbulent economic times.
The report noted “significant concerns” regarding Crown Resorts continuing as an operating business. Crown could be unable to “realize its assets” and pay off its liabilities if Australian regulators make unfavorable decision, it said.
Drought of the High Rollers
Aspinalls posted losses of £2 million ($2.5 million) for the year to June 30, 2023. London’s high rollers have been in short supply over the past few years. Long dominated by visitors from Arab Gulf countries, the UK capital has seen its VIP gaming market shrink in recent years.
The British government has scrapped duty-free for foreigners after leaving the European Union. Visitors could previously recoup 20% of the value-added (VAT) tax on UK purchases.
The UK Gambling Commission has also banned the use of credit cards in casinos.
In recent years three high-end London member’s casinos have closed, including the Ritz Club and the Clermont. Crockfords.
Regulating Headache
Crown Resorts in Australia is also facing license review in New South Wales, and Western Australia. It comes after the regulators accused Crown Resorts of failing to detect money laundering on its property and for doing business in Macau with junket operators who have links to organized criminality.
Aspinalls can rejoice that Crown, the US-based private equity firm Blackstone has given its approval to operate its Melbourne flagship hotel under the new ownership of Crown. This decision was made after Aspinalls’ financial report had been written. Standard reports.
Crown lost its Sydney licence in 2020, but received a new provisional license by 2022. It remains on probation.
Aspinalls, founded by eccentric casino owner John Aspinall in the 1960s, amassed a vast collection of animals with the money he earned from the casino.
[ad_2]