London’s Iconic Ritz Hotel Casino Reports Huge Losses for 2017

The Ritz

Updated: February 2022

After reporting record losses in 2017, the world-famous Ritz Casino faced further losses in 2020 when it was forced to suspend all casino operations as the UK entered national lockdown due to the Covid-19 pandemic.

While many casino venues eventually reopened, the Ritz Club closed permanently in May last year. The news was confirmed in an email sent by the club to its members, which read: “Regrettably, we now write to inform you that The Ritz Club is permanently closed and will not be re-opening.”

Now, Hard Rock International has announced that it’s acquired the premises casino license from the Ritz Club with plans to open a new casino in London. However, Hard Rock hasn’t shared any details on where its new casino will be based, iGamingBusiness reports.

A statement issued by Hard Rock International Chairman Jim Allen reads: “We look forward to expanding our brand offerings within London and bringing our award-winning hospitality, gaming and entertainment to the birthplace of Hard Rock.”

News of the license acquisition comes after the group announced a partnership with former Stars Group executives to expand its gaming business.

Original article follows:

London’s Ritz Hotel Casino has reported huge losses for 2017.

The venue, owned by the Barclay brothers, reported a loss of $15.3 million (Around £11.7 million) for the 2017 fiscal year.

Reports suggest that the venue’s revenue dropped to $29.1 million from the $43.1 million it had reported in 2017 and it’s thought that profit was impacted by an increase in customer payouts.

However, the casino hopes to turn it around this year, saying in a statement: “Efforts to encourage new Middle East and Far Eastern players remain focused and business in 2018 is expected to be more fortuitous.”

Aidan Barclay, who sits on the company’s board, added: “Business in 2018 is expected to be more fortuitous.”

The Ritz’s Profits

Last year, the Barclay brothers reported a pre-tax profit of $11.64 million.

The venue has been around since the beginning of the 19th century and was previously a ballroom, restaurant and an entertainment venue before the casino was added in 1977.

The Barclay brothers, who also own the Daily Telegraph, bought the venue in 1995 but there have been rumours that the siblings are looking to sell the Ritz Club, the gambling section of the venue.

There were also rumours that the brothers were considering selling the property back in 2011. At the time, the Barclay brothers said they had received several takeover bids but nothing developed.

Back then, the Ritz Hotel was worth $817.2 million.