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 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.