Holland Casino Reports Low Income Despite Launch of Online gaming

Holland Casino Reports Low Income Despite Launch of Online gaming

For the last year, Holland Casino recorded a 9.46 percent decline in income to €304.2 million (2020: €333 million), despite the fact that its online branch captured more than one-fifth of the country’s digital ecosystem.

Dutch Regulator Planning a Crackdown on Illegal Gambling

Holland Casino’s revenue drops by 8.7 percent.

This decline is apparently owing to a nearly three-month period towards the beginning of 2020, during which the group’s retail venues were free to operate without limits and generate income above the industry’s norm. In contrast, the year 2021 had its casinos closed for a total of 168 days as a result of COVID-19 regulations, with a variety of mitigation measures applied after that. A total of €40.4 million is claimed to have been generated by Holland Casino Online, which began operations as one of 10 approved operators on October 4, 2021, just three days after the country’s regulated online gambling market was created. According to the operator, this represents a share of 21.83 percent of the total online revenue of licensed providers recorded by the Dutch Gaming Commission, which totaled €185 million.

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Strong Financial Position

Ruud Bergervoet, Holland Casino’s Chief Financial Officer, indicated that, despite the negative results, the company is in a strong financial position at its core, according to him. This is largely due to the adaptability of Holland Casino and the assistance provided by the government, which enabled them to retain a significant number of their workforce in the company. He continued by saying that it became evident in 2020 that they needed to speed work on developing a Holland Casino that was future-proof. This is why they embarked on the Horizon reorganization project, which, in addition to focusing on cost savings, also considered how the corporation could run the organization more efficiently and effectively as a whole. The investments made in the two new casinos in Utrecht and Venlo are also yielding positive returns on their initial capital.

Update on Tijdelijke Noodmaatregel Overbrugging voor Werkbehoud salary subsidy system. 

Despite the declines, Bergervoet expressed confidence in the group’s future potential by announcing that Holland Casino will no longer be utilizing the Tijdelijke Noodmaatregel Overbrugging voor Werkbehoud (NOW) salary subsidy system, which had been in place since the company’s inception. Since the 23rd of March this year, there have been no limits on visitors to Holland Casino’s facilities. It was able to quickly see the impact of this on their financial results. Because of this, they have decided that they would no longer employ the NOW plan of the Dutch government beginning in the first quarter of 2022. The loss before tax for the period ending in 2021 fell to €64.3 million from €80.7 million the previous year, with a 31.7 percent decline in visits to 1.7 million reported. The average amount spent per visit, on the other hand, increased by 15.8 percent to €154 million. As Noel Leise, Holland Casino’s Chief Operating Officer (COO), put it: “Holland Casino is a healthy and great organization, where many employees work with a passion for their profession and who are eager to present the guests with an enjoyable evening out.

Covid-19 constraints hampered their ability to do so in 2021, and they were only able to do so to a limited extent. Coworkers were dealt some difficult news as a result of the restructuring, including the departure of several of their colleagues. The constant closing and partial opening of our casinos placed a great deal of pressure on our employees. Although there is still a lot of uncertainty, the company is now certain that it will be able to focus on what they do best and why they exist: providing gaming in a safe and responsible atmosphere.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.