Silverbond Enterprises Ltd. Is the operator behind the Mayfair district Park Lane Casino in London. Due to issues regarding license conditions, the operator has lost its license. The UK Gambling Commission revoked the license of the operator due to failings.
The decision was made by the Commission after the casino operator changed corporate control. The Commission ruled that if the new controller had been in place when the application was filed, then there would not be an issue. However, with a new controller in place, the license is no longer valid.
The regulator held a hearing with a Regulatory Panel where it decided to revoke the casino license based on the Gambling Act 2005, section 102(4)(b). In this section, the Commission has the ability to revoke a license if they are not satisfied that they would have provided licensing if the new controller was in place at the time of applying for licensing.
The decision was made back in October and the regulator was concerned that Silverbond did not provide adequate details of how the funds were provided for the acquisition of the brand. They also did not have enough evidence to feel good in supporting the casino operator due to the control change.
Subject to an appeal, the license held by Silverbond will be invalid by November 18.
The regulator has had their eye on the operator for quite some time. In 2019, the Commission fined Silverbond £1.8 million and provided a license warning. Additional conditions were placed on the license as well due to the company failing systemic social responsibilities and anti-money laundering guidelines.
Violations of the company included failing to recognize signs of gambling behavior issues among its players. Violent behavior was recognized by a patron as well as issues regarding a player asking to have winnings transferred so they would stop gambling.