For the time being, inflation rates remain high in the UK, with the prolonged economic difficulties faced by the country taking their toll on the casino and gaming industry. According to the latest figures, the country’s inflation rate is around 10.1%, marking a slight improvement from the 10.5% inflation rate reported in December 2022.
As a result of the unfavourable market conditions, two casino properties – Birmingham-based Broadway Casino and the Cornerhouse in Nottingham – recently announced their closures. As confirmed by local authorities, one of the properties is already in administration, while the other, which has been operating as part of the Genting Casinos chain, is set to close as part of an effort to reduce its losses before it is too late.
The Broadway Casino, which started operation in Birmingham in 2005 under the ownership of Clockfair Limited, has experienced difficulties for the past few years. Initially, it started suffering due to the negative effect of the Covid-19 pandemic and the lockdowns associated with it, as it temporarily shut down in line with the health policies of the UK Government.
The venue, however, shut down its operations permanently in December 2022 after failing to find a buyer to help it pay its debts off. At the beginning of February 2023, the process of administration officially started with administrators taking over and starting taking stock of the venue’s inventory and assets to determine its potential liquidity. Currently, a sale of assets is underway. The other casino owned by Clockfair Limited – Shaftesbury Casino in West Bromwich – remains operational for the time being, with no announcements regarding a potential closure being made.
Genting Casinos to Keep 34 Casino Properties in the Country but One
As mentioned above, Genting Casinos is closing its venue in Nottingham, called The Cornerhouse, following a month-long review and discussion with staff members. The gambling operator shared that its decision was based on commercial considerations and casino members were informed about the upcoming closure via text message last week.
Genting Casinos also faced difficulties as a result of the coronavirus. Three years ago, at the beginning of the Covid-19 pandemic, it started eliminating some employee positions due to the Government-enforced temporary closures. Now, the gambling operator revealed that it does not plan to eliminate any of its other 34 casino venues apart from The Cornerhouse in Nottingham. The good news for the patrons of the soon-to-be-closed venue is they would be able to use their membership points and rewards at the other locations of the company.
According to media reports, there has been some mixed feedback regarding the closure. Some people said they were not surprised by the closures and pointed out that online gambling made it easier for people to access this form of entertainment, especially after the beginning of the coronavirus pandemic. Others were not upset at all about the decision of the two casino operators to exit the local gambling sector, although noting that it would affect employment in the region.
When it comes to other options for local gamblers, there are two other casino properties that remain operational in Nottingham – Grosvenor Casino and Admiral Casino venues.
- Author
Olivia Cole
