London Clubs International's exclusive Fifty casino is reportedly experiencing financial problems.

The Daily Telegraph reports that several multi-million pound losses and failure to find a new buyer prompted the operator to contact its members informing them the casino would be going into administration.

"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 the administrators," the letter said.

The casino’s restaurants and bars will remain open, but LCI confirmed that the gaming operations are to be suspended.