Metropolitan Gaming today announced that one of its wholly owned subsidiaries has completed the purchase of the Park Lane Club London through an asset sale conducted by the administrators of Silverbond Enterprises.
“We are thrilled to be adding the iconic Park Lane Club to our portfolio of casinos in the UK” said Michael Silberling, CEO of Metropolitan Gaming. “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.”
The London casino’s licence was revoked by the UK Gambling Commission in 2020, after an investigation left the UKGC unsatisfied as to the ‘source of funds used to acquire and support the licensee at the time of the change of corporate control, or to whom future profits of the licensee would be paid.’ Silverbond was also fined £1.8m by the UKCG in 2019 for money laundering failings and was put up for sale earlier this year.
The Administrator, Bob Maxwell, Office Partner in Charge at Begbies Traynor, Leeds, said: “This has been an interesting and challenging engagement in an exciting industry sector. There was considerable interest to purchase this iconic casino from businesses around the world. We are delighted that the business has been purchased by Metropolitan Gaming who are ideally placed to develop the casino at Park Lane.”
Located in the heart of Mayfair, across two floors in the world-renowned Hilton Hotel, Park Lane Club first opened its doors in 2014. The club boasts a spectacular gaming floor, private gaming room, outdoor gaming terrace, lounge and bar. The club will be refurbished and rebranded to Metropolitan Park Lane after a short transition period.
Park Lane Club is open and continues to trade and welcome customers as usual.
Memery Crystal LLP and Stevens & Bolton LLP acted as Metropolitan Gaming’s legal counsel. Clarion Solicitors acted as legal counsel to the administrators of Silverbond Enterprises Limited.