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High rollers have broken the bank at Fifty casino
Jonathan Prynn, Consumer Business Editor11 Nov 2009
It has been parting the wealthy from their cash over the roulette wheel for 182 years, but now the high rollers are having the last laugh.
The wrong numbers came up for Fifty, one of London's oldest casinos known as "the Ascot of gambling", after a series of seven-figure wins on its tables.
The St James landmark, which counted the Duke of Wellington among its earliest regulars, has written to members to warn them that it is appointing administrators after failing to find a rescue buyer.
In his letter to the members - who pay £650 a year - Michael Silberling, chief operating officer of parent company London Clubs International said: "We have explored and considered all alternatives but it is clear that despite the best efforts of the management the only option is to call in administrators.
"The restaurants and bars will continue to trade as usual but for now the gaming operations remain suspended."
Industry sources said the club, which opened in 1827, had been hit by an unusually long run of big wins on its 20 tables. One said: "There is always a risk in high-end gaming that as a club you can lose £1 million in a night. Several high-end gamblers have hit them for millions."
One of the biggest wins was by Newcastle United owner and Sports Direct tycoon Mike Ashley, who went home with £1.3million in May last year after just 15 minutes at the table.
It was said that when he saw the roulette ball slip into the number 17 slot, he looked up at the croupier and said: "That'll do me, thanks very much," and walked off with his winnings to the sound of applause from the other punters.
LCI has been looking for a buyer since last year but has not been able to find any takers at the rumoured asking price of £10million.
The casino is a joint venture between LCI and the Planet Hollywood entrepreneur Robert Earl.
