Holland Casino long-term future called into question following €10.4m losses

Holland Casino’s long-term future has been called into question after the state-owned Dutch gambling giant posted total net losses in excess of €10.4 million in 2024.

The warning comes despite Holland Casino’s in-person gambling venues welcoming over 5.2 million visitors last year. In total, the firm’s overall revenue dropped by 4.1% to €784 million in 2024 compared to the 2023 revenue figure of €817 million.

While the gambling operator’s brick-and-mortar outlets attracted decent visitor numbers, in-house revenue reports suggested they were spending less. However, the plummeting online revenue stream posed a greater impact – falling by over 27% from 2023 to just €85 million.

As Holland Casino bosses lamented declining revenue flows, deeper concerns were triggered by its mounting tax bill of €222 million in 2024. With a planned tax increase on the gambling sector to 37.8% by 2026, the Dutch operator could face an uphill battle for survival if it continues to hemorrhage money.

Reflecting a similar level of discontent as being voiced in Germany by gambling operators, Holland Casino’s CEO Petra de Ruiter warned that the tax burden the industry faces is stifling growth, as well as their bottom line.

The eroding of the enterprise’s profits could also affect the investment of responsible gambling programs, which de Ruiter reinforced, stating, “Prevention is and remains a human task. Safety and responsible play require sufficient investment space.”

The substantial losses have also meant Holland Casino has already laid off hundreds of employees at its headquarters and is actively looking to realign its priorities. Having already closed its Zandvoort location, closing more in-person casinos might be an option mirroring a recent stance taken by the Swedish government.

Even with planned cost-cutting measures, the company’s own annual report suggested that there was a “material uncertainty” related to the firm’s outlays. As a result, accountants stated that the company will need to undertake “far-reaching measures” just to be able to pay the bills beyond 2027.

The news of Holland Casino’s declining revenues and impending tax hikes leaves the Dutch government with a dilemma. Primarily because, as the taxing authority and primary shareholder, its self-inflicted tax rise could sabotage the very institution that it is designed to uphold – safe, legal gambling.

For now, de Ruiter and Holland Casino are hoping that downsizing and switching focus to its digital operations will help right the ship.