Ritz Hotel Casino reports pre-tax loss for 2017

By Tim Poole

The Ritz Hotel Casino in London has reported a pre-tax loss of £11.7m ($15.3m) for 2017.

The loss follows a pre-tax profit of £8.9m in 2016, indicating a sharp fall in performance.

However, the Ritz Hotel Casino, also referred to as the Ritz Club and owned by Sir David and Sir Frederick Barclay, reported the same level of traffic in both 2016 and 2017.

A fall in turnover from £33m to £22.3m played a key part in the results.

The Ritz Hotel Casino said: “Casino footfall during 2017 remained constant; However, the financial results have been significantly affected by a number of customer wins. Efforts to encourage new Middle East and Far Eastern players remain focused and business in 2018 is expected to be more fortuitous.”

In December 2017, reports surfaced that the Barclay brothers were looking to sell the casino for up to £200m.

TAGS:

Share This Post


NEWS SPONSOR

More News

According to the Philippine Amusement and Gaming Corp, the casino industry in the Philippines accumulated PHP15.95bn ($331.5m) in gross gaming revenue for Q3, a 603% rise from the previous quarter....




On 11 August 2020, the President of Ukraine signed into law the State Regulation of the Activities Related to the Organisation and Conduct of Gambling Games. Here, Andrey Astapov, managing partner...