The UK Gambling Commission (UKGC) announced its decision to revoke the operating licence of the company that operates Park Lane Casino – Silverbond Enterprises Ltd.
Following a hearing before the regulatory panel, the decision was made under section 102(4)(b) of the Gambling Act 2005. Subject to appeal, the revocation takes effect on November 18, 2020.
The regulator says that the decision was made due to a change in corporate control at the operator, with concerns expressed as to the suitability of the new controller “because of its unsatisfactory history in providing information requested as part of the Commission’s enquiries”.
Updating its regulatory decisions register, it was added that the licensee failed to provide full and proper explanations with supporting evidence timeously, with the UKGC not satisfied as to the source of funds used to acquire and support the licensee at the time of the change of corporate control, or to whom future profits would be paid.
The Commission added that it “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 of the decision: “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 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.”