The Crown London Aspinalls casino location in Mayfair is facing closure as a result of uncertainty over future funding from its partner company despite reporting a significant recovery in its revenue, following a boost from increased tourism and the easing of travel restrictions.
The London casino, an iconic establishment founded by John Aspinall in the 1960s and acquired by Crown Resorts in 2011, saw its revenues reach £12.2 million in 2023—cutting its losses by two-thirds compared to the previous year.
However, uncertainty looms over its operations as the company faces potential repercussions from ongoing regulatory issues linked to its Australian parent organisation, Crown Resorts.
Allegations of Money Laundering and Links to Organised Crime
Despite the optimistic revenue figures, the casino has raised alarms about “material uncertainty” regarding its ability to keep trading. This concern is largely tied to Crown Resorts' ongoing challenges in Australia, where the company has been under intense scrutiny for several failings at its casinos.
Investigations have revealed serious allegations, including connections to money laundering activities and dealings with wealthy Asian gamblers purportedly linked to organised crime syndicates.
These issues have sparked regulatory action that could lead to the loss of crucial gambling licenses for Crown Resorts, ultimately jeopardising its ability to provide financial support to its London-based casino.
The situation has been complicated further by a change in ownership, with private equity powerhouse Blackstone now at the helm of the troubled group.
Questions Over Ability for Casino to Continue Operating
In a recent statement, Aspinall’s emphasised the implications of the ongoing investigations and regulatory decisions, noting that these circumstances could create significant doubt about the group's ability to continue operations as a going concern.
The company highlighted the potential risks of being unable to realise its assets and meet its liabilities in the ordinary course of business.
As the Mayfair casino benefits from a resurgence in tourism, stakeholders are closely monitoring the developments surrounding Crown Resorts. The future of Crown London Aspinall's hangs in the balance, making it a critical focus for patrons, employees, and investors alike.
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News WriterMost of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.
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