Metropolitan Gaming has secured its takeover of the Park Lane Club casino located in Mayfair.
The purchase was undertaken by a Metropolitan subsidiary through an asset sale conducted by the administrators of Silverbond Enterprises Limited, the former operating company of Park Lane Club.
In November 2020, the UK Gambling Commission (UKGC) revoked Silverbond Enterprises’ operating licence, due to a ‘change in corporate control’ that did not meet the regulator’s casino licensee standards.
The licence suspension had followed a £1.8 million fine issued to Park Lane Club in 2019, following an investigation by the Commission that had uncovered serious AML and duty of care failures by Silverbond Enterprises management of the London casino.
Memery Crystal LLP and Stevens & Bolton LLP acted as Metropolitan Gaming’s legal counsel, with Clarion Solicitors acting as legal counsel to the administrators of Silverbond Enterprises.
Taking over Park Lane Club which has operated in the heart of Mayfair since 1994, its new owners announced that the casino will be refurbished and rebranded to the ‘Metropolitan Park Lane’ after its completes its transition period.
“We are thrilled to be adding the iconic Park Lane Club to our portfolio of casinos in the UK,” said Metropolitan Gaming CEO Michael Silberling. “It is an excellent addition to our portfolio of premier casinos and we have exciting plans to invest in and develop the business moving forward.
“We look forward to welcoming the Park Lane Club team to Metropolitan Gaming and creating safe and memorable experiences for our guests in the new location.”
Source: SBC News
