Set up in the epicentre of Mayfair, London, in 1828, Crockfords casino was the oldest in Britain. Now, according to UK reports, it has officially closed its doors for good.
The casino is rich in history and was established by a working-class fishmonger – William Crockford – who later became one of the richest self-made men in England.
The casino has stood the test of time, having been active for 195 years, but due to lack of custom it is going to shut down.
With closures comes redundancies so now around 100 people, who work at the casino, will be made redundant.
President of Genting Casinos UK, Paul Willcock, told the Daily Mail that the closure of Crockfords' £80m ($96.6m) site was the 'end of an era.'
Willcock said: “There is a combination of factors which have put high-end London casinos at a competitive disadvantage to other global marketplaces and this has led to an unsustainable future for Crockfords in Mayfair.”
The casino will follow a 30-day consultation process about its future, which was launched by bosses last month.
High-end casinos such as The Ritz and The Clermont have both been forced to shut in recent years due to the lack of high rollers visiting the UK.
CEO of Grosvenor, John O’Reilly, stated in last month's earnings call that ‘Middle Eastern high rollers, who have traditionally supplied London’s casinos with a stream of VIP revenues, were now choosing to visit Paris or Milan instead’.
High rollers are mainly seeking options elsewhere due to the Government scrapping the tourist tax (VAT) in 2021, when Britain left the EU, which permitted tourists to claim back the 20% taxed on items purchased while in the UK.
