Holland Casino looks to online growth after profits plunge

Finance News

Over the past six months, the casino company was forced to close for more than 5 months due to the corona measures. As anticipated, this had a negative impact on the results. At the same time, there is hope. The 14 branches have been open again since June 5. 

The turnover achieved in June shows that Holland Casino will soon be able to operate in a healthy manner. Thanks to the completed necessary restructuring, everyone is also in the right place in a more efficient and agile organization.

The turnover for the first half year was only € 28.8 million. The net result for VPB amounts to € -64.8 million, compared to € -37.8 million over the same period in 2020, in which the company was still open for several months. This negative result was realized after settlement of the NOW monies to be received.

CEO Erwin van Lambaart: ‘Although Corona has also hit our company head-on in the first half of 2021, notably our anniversary year in which we exist 45 years, we still look ahead with confidence. All in all, the Netherlands was deprived of legal casino offer for almost a year, but now that the corona measures are disappearing little by little in the Netherlands, recovery is in sight. We see that the resilience and dedication of our people, the general support measures from the government and a clear strategic investment vision for our future make us strong. We see bright spots in the potential offer of online games of chance as of 1 October next for which we have applied for a license and the opening of our new world-class casino branches in Venlo and Utrecht.’

CFO Ruud Bergervoet adds: ‘Fortunately, we were once again able to have sufficient liquid assets in the past six months to get through this difficult period of closure. Thanks to the constructive NOW scheme, the deferral of tax payments, strict cost control measures and tight operational management, we were able to safeguard the continuity of the company over the past year and a half. The significant tax debt of € 190.5 million is offset by a strong liquidity position without bank debt. We are therefore considering paying off this tax debt more quickly if no new corona measures are introduced and the recovery actually continues. The results after June are promising in that regard.’

Unfortunately, due to the corona measures, Holland Casino can currently receive even fewer guests. The cautious expectation is that these measures will be phased out, in the hope that the total supply can be offered again without restrictions towards the autumn. Van Lambaart: ‘We are also looking forward to the reintroduction of poker, live bingo and our NXT zones, so that the game can really be experienced together again. We also hope to be able to offer our bars and restaurants, which currently all close at midnight, after midnigh

Our birthday on October 1, 2021 will hopefully be special. The best gift would then be a license to finally be able to legally offer our exciting online games of chance, while at the same time always raising the bar for reliable, safe and responsible gaming.