UK Casinos Shut Down as Inflation Takes Toll on Gaming Industry
Posted on: February 15, 2023, 06:47h.
Last updated on: February 15, 2023, 01:33h.
Inflation remains high in the UK, and the prolonged economic strain is taking its toll on the casino ecosystem. Two properties, the Broadway Casino in Birmingham and the Cornerhouse in Nottingham, recently announced their closures. One is already in administration, while the other, part of the Genting Casinos chain, is closing to cut its losses before it’s too late.
The Broadway Casino in Birmingham has had difficulty for the past several years, suffering initially because of COVID-19. It shut down temporarily to satisfy government-mandated health policies during the pandemic.
The casino permanently closed its doors last December after being unable to find a buyer to help pay off debts. At the beginning of February, administrators took over and began taking stock of the property’s inventory and assets to determine its potential liquidity. A sale of assets is now underway.
The Broadway Casino first opened in 2005, offering a casino floor, poker tournaments, live music, and more. It’s owned by Clockfair Limited, which also owns Shaftesbury Casino in West Bromwich. That casino is still operational, and there has been no news about its possible closure.
The latest figures show the UK’s inflation rate is around 10.1%. That’s slightly better than the 10.5% reported in December.
Genting Closes Cornerhouse
After what it describes as a month-long review and discussion with employees, Genting is closing its casino at The Cornerhouse in Nottingham. The decision is based on “commercial considerations,” and casino members received notification of the closure via text message earlier this week.
Genting also suffered because of COVID-19. Three years ago, it began eliminating some employee positions because of the pandemic-induced shutdown.
The company doesn’t plan to eliminate any of its other 34 casinos. Members who frequented the Nottingham property will still be able to use their rewards and points at the other locations.
Feedback to the closure has been mixed, according to the Nottingham Post. Some people interviewed didn’t register any surprise, pointing out that it’s easier to gamble online. Others didn’t seem upset about the casino’s exit, although they registered their disappointment over what it means to employment in the area.
For now, there are other local options for gamblers. Grosvenor Casino and Admiral Casino properties remain open in Nottingham.
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