UK – Hippodrome calls for new laws on VIP creditBy Phil - 22 January 2018
Hippodrome Casino Owner and Chief Executive Simon Thomas has called for the British government to give UK casinos a level playing field with international casino operators when it comes to extending credit to foreign high-rollers.
The Gambling Act 2005 restricts UK casinos when it comes to lending customers money, unlike casinos in the rest of world.
Mr Thomas has the backing of rival, high-end London casinos in lobbying government to extend credit to VIP players.
Speaking to the Daily Express, he said: “Worldwide, high-end customers get what we call a ‘marker’ – they are allowed to gamble on credit rather than having to transfer money from country to country and be subject to the vagaries of different exchange rates. All we’re asking for is a simple change in the law to allow customers in British casinos to do the same.”
“At the high-end we pay 50 per cent of any money lost to the Government in tax on our gross profits, and corporation tax on top of that,” he added. “And research has shown that the more people win, the more they spend on nearby hotels, restaurants and shops, which is a considerable upside for the UK economy.”
Tory MP Andrew Bridgen agreed saying a change in legislation would be a ‘big win for the British economy.’