The Mayfair-based casino will join the operator’s portfolio – which currently includes 11 locations in the UK, Egypt and South Africa.
Metropolitan chief executive officer Michael Silberling said he was “thrilled” at the outcome of the deal.
“It is an excellent addition to our portfolio of premier casinos and we have exciting plans to invest in and develop the business moving forward,” said Siberling. “We look forward to welcoming the Park Lane Club team to Metropolitan Gaming and creating safe and memorable experiences for our guests in the new location.”
Administrator Bob Maxwell, an office partner in charge at Begbies Traynor, added: “This has been an interesting and challenging engagement in an exciting industry sector. There was considerable interest to purchase this iconic casino from businesses around the world. We are delighted that the business has been purchased by Metropolitan Gaming who are ideally placed to develop the casino at Park Lane.”
Metropolitan Gaming stated that the club will be refurbished and rebranded to Metropolitan Park Lane after a short transition period.
Since opening in 2014, the Park Lane Club has faced difficulties, notably in 2020 when the Gambling Commission revoked the licence of the casino’s owner, Silverbond Enterprises.