Police Scotland have called for a review of the licence at the Corinthian in Glasgow amid ongoing concerns of violence and disorder within and around the club.
Mr King is expected to appear before licensing chiefs at a hearing in the city at the end of the month, which could see the venue lose its licence under the Gambling Act.
It is the latest in a controversial year for G1 venues, which included the Corinthian's hours being cut back earlier this year after a litany of complaints by police.
Just last week it also emerged the company lost a discrimination case after two gay disabled men took G1 to court after they were denied admission to the Polo Lounge, another venue within its growing stable.
It also made global headlines after installing a two-way mirror in the female toilets of its Shimmy Club, which saw it lose its licence for a week last summer.
A Police Scotland spokesman said: "A number of concerns were raised regarding incidents of violence and disorder inside and in the immediate vicinity of the Corinthian casino.
"As a result, Police Scotland requested a review of the premises' gambling licence."
In April, the city's licensing board removed the Corinthian's permission to sell alcohol until 6am.