Unpaid gambling debt has hurt the Ritz Casino greatly, so much so, that the casino has had to file several lawsuits against wealthy clients who have unpaid bills. The High Court received filings against ten individuals via the Piccadilly Club?of London, England?to seek repayment for debts left unpaid from 2014.
The press for legal action came after the Ritz Hotel Casino Ltd found their accounts had suffered a loss of close to ￡12.5 million in 2013. The loss was due to ‘significant non-recoverable gaming debts’, according to the casino. At the same time, the Ritz made only ￡9.6 million profit, creating a significant difference in loss versus gain.
In the cases filed by the casino in the past, one of the most talked about involves Bharat Kalwani, a billionaire construction/property magnate. The high roller has been accused paying his gaming debt involving an October 2013 gambling spree with a check that bounced. The check was written for ￡5 million, a significant amount that the casino most certainly sought to recover. Kalwani ended up settling with the casino last year.
While trying to recover losses from unpaid debts last year, the casino also faced suits filed against the company. Nora Al-Daher, a wealthy woman addicted to gambling, attempted to sue the Ritz for money she lost in 2012. Asking for repayment of a ￡2 million loss, Al-Daher stated she should have never been given the extra credit she was allowed by the casino. The judge in the case, Anthony Seys Llewellyn, denied the case in August of last year, based on the fact that the wealthy gambler had ‘unimaginable wealth’ and could stand such a loss.
Even though the casino suffered great losses in 2013, the board were paid a total of more than ￡1 million in wages. Roger Marris, the Chief Executive of the company, was the highest paid board member, earning ￡459,000.
A spokesman for the Ritz Casino stated that while the company enjoys good relationships with the majority of their customer base, on rare occasions it is unfortunately a necessity to file legal action against gamblers to be able to recover any outstanding debt.
The casino of the Ritz is located in a ballroom on the property and has provided gaming opportunities for players since 1978. Gamblers from around the world visit the casino on a regular basis including countries such as China and the Middle East.