The Commission has revoked the operating licence of Silverbond Enterprises Ltd which runs Park Lane Casino.
The decision was made because there was a change in corporate control at the operator and the Commission is not satisfied that it would have granted the operating licence to the Licensee had the new controller been a controller of the company when the application for the operating licence was made.
Helen Venn, Commission Executive Director, said: “We regulate gambling in the public interest and to maintain public confidence in the industry. In doing this we must be provided with information about those who run or have significant interest in gambling businesses.
“We revoked this licence because we are not satisfied as to the source of funds (SOF) 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. We also identified concerns with the suitability of the new controller because of its unsatisfactory history in providing information requested as part of our enquiries.”
Subject to appeal the revocation takes effect on 18 November 2020.
More details can be found on the Commission’s regulatory decisions register.
Edited 17.11.20: We have been informed that Silverbond Enterprises Ltd has appealed against our decision to revoke its licence and therefore licence revocation is stayed until the outcome of that appeal.
Posted on 04 November 2020