The World Snooker Championship is the leading snooker tournament both in terms of prestige and prize money. The first championship was held in 1927 and was won by Joe Davis. Davis won the first 15 championships before retiring from the event, undefeated, after his 1946 success. In the 1950s snooker went into a period of decline and the championship was not held after 1952, although an unofficial championship was held until 1957. In 1964 the championship was revived on a challenge basis and in 1969 the championship became a knock-out event again. Since 1977 it has been played at the Crucible Theatre in Sheffield, England. The tournament is currently played over 17 days and ends on the first Monday in May. In the modern era, the best record is that of Stephen Hendry, who won the title seven times. Steve Davis and Ray Reardon both won six times while Ronnie O'Sullivan has won five titles. The current champion is Mark Williams, who has won the tournament three times.