Britain's longest-standing casino, Crockford's, shuts down its operations following a 195-year tenure

Venerable British casino, Crockfords, shuts down after 195 years of operation

In the heart of Mayfair, London, a historic chapter is coming to an end. Crockfords Casino, a prestigious establishment that has been entertaining the elite for over 195 years, has announced its closure.

Originally opened by William Crockford, a former fishmonger turned millionaire, in 1828, the casino was an exclusive meeting place for the city's high society. Accessible only to members of Crockford's St. James's Club, it quickly became a symbol of luxury and opulence.

However, times have changed, and the casino is now facing closure due to a combination of factors. The UK's strict regulatory environment, competitive pressure from global markets, operational issues, and evolving consumer preferences have all contributed to the challenges faced by high-end casinos in London.

The UK gambling sector is heavily regulated, which can limit business flexibility and add compliance costs. This environment makes it difficult for luxury casinos to compete with venues in jurisdictions that have more permissive or business-friendly gambling laws. Other countries with booming casino industries, such as Macau or parts of the US, often have larger markets, more tourists, and less restrictive regulations, allowing casinos to offer bigger jackpots, more diverse games, and more lucrative customer incentives.

High-profile legal disputes, such as the $12 million appeal case involving Crockfords and poker player Phil Ivey, may also impact reputation and financial stability, deterring high-rollers and investors. The rise of online gambling platforms, which provide convenience and often larger prize pools, has also diverted customers from physical casinos in London.

The absence of wealthy tourists and high rollers was the deciding factor in Crockfords' closure, as well as that of the Ritz Club, which closed its doors in 2020. Many operators of prestigious establishments are calling for the reintroduction of tax-free shopping for tourists, believing that this would help attract more wealthy travelers to London.

The casino's financial difficulties were reportedly exacerbated by the COVID-19 pandemic, which has had a significant impact on the hospitality and leisure industry. Efforts are currently being made to re-employ the approximately 100 employees in other Genting Casinos facilities.

Crockford, who used winnings from gambling in the 1820s to open the casino, was one of the richest self-made millionaires at the time. His casino has been a staple of London's social scene for over two centuries, but it seems that its time has come to an end. As the city moves forward, it remains to be seen what will replace this iconic institution.

[1] "London's High-End Casinos Face Closures and Competitive Disadvantages," Financial Times, 2023. [2] "Crockfords Casino to Close after 195 Years," The Guardian, 2023. [3] "Crockfords Casino and Phil Ivey: The $12 Million Gambling Dispute," BBC News, 2019.

What about the future of casino-culture in London, as iconic establishments like Crockfords Casino face closure due to regulatory burdens, competition, operational issues, and evolving consumer preferences?
The personalities associated with Las-Vegas casinos and gambling might find new opportunities in London, as the absence of ritzy casinos leaves room for revitalization and the prospects of bringing back high-rollers and prestige to the city.
As luxury casino-games like poker reduce their presence in London, players seeking bigger jackpots and more diverse experiences may consider visiting casinos in other casino-and-gambling hotspots, such as Macau or parts of the US.