The UK Gambling Commission has revoked the Silverbond Enterprises operating licence that manages the igaming entity of Park Lane Casino.
The decision was taken pursuant to section 102(4)(b) of the Gambling Act 2005 after a hearing before the regulatory panel. The revocation takes effect on November 18, 2020, subject to appeal.
The regulator notes that the decision was taken because of a shift in the operator’s corporate control, with reservations raised about the current controller’s suitability ‘because of its unsatisfactory history of supplying the details sought as part of the Commission’s inquiries.’
Updating its Register of Regulatory Decisions, it was added that the licensee had failed to provide complete and sufficient supporting evidence on a timely basis and that the UKGC had not been satisfied with the source of the funds used to purchase and support the licensee at the time of the shift of corporate control, or to whom potential income would be paid.
The Commission added that “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, the executive director of the commission, 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.”