The Ritz Club located in London, England is one of the most glamorous gaming venues in the region. The casino caters to the high roller types, individuals who wager big bucks hoping to see a solid return. However, these high rollers are now being blamed for a £12 million loss for the venue.
According to the latest financial reports of the venue, Sir David and Sir Frederick Barclay, the billionaire twin brothers who own the Ritz Club, would have made a nice profit of £2.4 million, if the players who lost had paid their debts. Filings at Companies House reveal a loss of £12.7 million which is a huge loss compared to the £5.2 million profit the twins saw last year.
Roger Marris, the Chief Executive for the Ritz Club, was quoted at Thisismoney.co.uk stating that the debts were created by less than six individuals who are slow payers living in the Far East. According to Marris, having those who are slow to pay is normal for their business. Marris stated that as the company caters to an international audience who plays at a high level, it is about the personal relationship. The venue talks to these players regularly and they are paying their debts.
This is not the first time the casino has been owed a great deal of money. In the past, the club has taken individuals to the High Court due to non-payment of debts. This includes the high profile case involving Noora Abdullah Mahawish Al-Daher. £2 million was lost by the Saudi heiress when she used a check to purchase chips. In 2014, a judge in the high court ruled that amount had to be paid in full.