The decision was based on the change in the operator’s corporate control. The Commission stated it is unsure if the company would have gained the license in the first place if the current corporate control had been in charge when the application for the operating license was made.
Commission executive director Helen Venn stated that gambling regulation is in the public interest and the commission needs to maintain public confidence in the industry: “In doing this we must be provided with information about those who run or have significant interest in gambling businesses. We revoked this license because we are not satisfied as to the source of funds 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. ”
The new controller’s suitability is in question because it has an “unsatisfactory history" in providing information requested as part of the inquiries made by the Commission.
According to the statement, the revocation takes effect on November 18 and is subject to appeal. Silverbond currently runs Park Lane Casino in London.
