UK – Ritz rolls into the red due to high roller gambling debtsBy Phil - 13 March 2015
The Ritz Casino has revealed it has made an operating loss of £12.5m in 2013 as a result of ‘significant non-recoverable gaming debts.’
Turnover for the Piccadilly club improved from £21.5m to almost £32m whilst the adjoining Ritz hotel made a £9.6m profit.
The Ritz has cited unpaid gambling debts from high-rollers as the reason for its loss.
A Ritz Casino spokesman said: “Whilst we enjoy very good relationships with the vast majority of our customers, on some rare occasions it is unfortunately necessary to take legal action in order to recover outstanding debts.”
The Ritz had a high profile cases with Noora Abdullah Mahawish Al-Daher, wife of the foreign minister of Oman, and Singapore billionaire Bharat Kalwani. In total though it took High Court action against 10 high-rollers from all over the world.
The Ritz spokesperson added: “Full provision has been made against these debts the directors are confident they will be recovered.”