Unlucky hand continues for Mayfair’s Park Lane casino
Park Lane casino is said to be on the verge of collapse as the posh London hot spot struggles to navigate its way post-pandemic.
Located at the Hilton Hotel in Mayfair, the private members club has struggled to gain momentum after its license was revoked in 2020 by the gambling watchdog.
Silverbond Enterprises, the company behind the Park Lane Club, has been told the license is being revoked due to a “change in corporate control”.
The Gambling Commission said at the time: “We have revoked this license as we are not satisfied with the source of funds (SOF) used to acquire and support the licensee at the time of the change in control of the company or to whom the future profits of the licensee would be paid”.
“We have also identified concerns about the suitability of the new monitor due to his unsatisfactory track record in providing the information requested in our investigations,” the agency added.
The business had already been forced to close following coronavirus lockdown measures, and the Financial Times reported earlier this month that the business was now up for sale.
There was confusion over ownership after company founder Vasilijs Melniks lost control of the club and Italian Swiss banker Riccardo Tattoni replaced him.
Silverbond Enterprises was notably hit with £1.8million in 2019 for money laundering failures.
According to the financial results for the year to September 2020, Silverbond had sales of £8.3m, compared to £17.6m in 2019.