Great Britain has parted ways with its oldest casino. The old property, unfortunately, had to close its doors, citing lack of custom as the reason.
At almost two centuries old, the Crockfords casino boasted being the oldest one in the country. Originally founded in 1828 by William Crockford, a working-class fishmonger, the casino was, for over a century, a popular venue among rich people and tourists. Situated in the Mayfair area in London, the property used to welcome hosts of affluent tourists, making its founder rich.
The Crockfords casino, which has operated for 195 years now, will sadly be unable to celebrate its 200th birthday because of declining interest. Many of the high rollers, on which the casino depended, have been won over by its foreign competitors, leading to lower revenues.
The decline of affluent consumers is attributable to the United Kingdom’s exit from the European Union and the repeal of VAT-free shopping for tourists. Instead, many high rollers now prefer Paris and Milan, experts believe.
The Lack of High Rollers Forced the Casino to Close
In an interview with Daily Mail, Paul Willcock, president of Genting Casinos UK which owns the property, described the closure as the “end of an era.” Willcock pointed out that Crockfords casino has become unsustainable because of a variety of factors.
There is a combination of factors that 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.
Paul Willcock, president, Genting Casinos UK
Crockfords isn’t the only high-end gambling property to shut its doors in recent years. Its closure was preceded by the shutdown of The Ritz and The Clermont, whose future also became unsustainable because of the lack of affluent visitors.
Some people have suggested that the lack of high rollers is caused by some of the local regulations, which force visitors to prove the source of their funds. Many consider this measure intrusive and believe that it is a put-off for rich casino goers.
Whatever the case, the closure of the Crockfords casino will lead to redundancies, forcing Genting to part ways with approximately 100 employees.