Holland Casino Expresses Optimism After Plunging Financial Results

Holland Casino expressed hope that football will improve once COVID constraints are lifted, despite the operator’s poor financial results in its 2020 annual report.

The gaming operator’s revenue fell by 54 percent to €333 million for the year, but average spend per visit rose by 13.7 percent from €117 in 2019 to €133 in 2020 due to a “different visitor mix,” according to the company.

Investing strategically in the future

The business claims that “Holland Casino has remained financially robust with a solid liquidity position and continues to invest strategically in its future.”

In 2020, the number of visitors to its various locations fell by 60 percent to 2.5 million (2019: 6.2 million), with Holland Casino remaining closed for 143 days due to coronavirus, 151 days open with restrictions, and only 71 days open without restrictions.

Holland Casino has lost €80.7 million before taxes, compared to a gain of €89.6 million the previous year. In 2020, the company owes €93.5 million in gambling tax, of which €74.9 million has been deferred.

Resilience

Erwin van Lambaart, CEO of Holland Casino said: “Despite the constantly changing circumstances and major challenges that this crisis year caused, I firmly believe that we will get through it well.

“This is due to the resilience of our people, general government support measures, focus on cost control and a clear strategic investment vision for the future. Together, this has meant that we were always able to anticipate the consequences of this crisis. ”

Adding: “I am proud that, despite the severe financial headwind, we have continued to serve the long term of the company, especially in times of crisis. 

“In addition to important investments in preparations for our online offer, it concerns, for example, the strategic cooperation with ESPN Eredivisie, which also includes a lot of attention for prevention and information, and the construction of our two new sustainable offices in Venlo and Utrecht. 

“We are also investing significantly in our compliance department, which further enhances the quality of our prevention and anti-money laundering policy. It is precisely on this point that Holland Casino wants to continue to distinguish itself.”

Pilot events initiative

Holland Casino will also reopen a number of its properties this weekend as part of the country’s pilot events initiative.

Its casinos in Enschede, Venlo, and Breda will open on Saturday, April 24th, with Amsterdam West, Utrecht, and Leeuwarden following the next day.

The remaining Holland Casino locations in Amsterdam Center, Rotterdam, Scheveningen, Zandvoort, Groningen, Nijmegen, Valkenburg, and Eindhoven will be unaffected.

45th Anniversary

During the fourth quarter of the year, the company plans to reopen its offices with certain constraints, as well as celebrate its 45th anniversary on October 1, 2020.

“Holland Casino is a cyclical company,  and will therefore suffer from the expected economic recession. Nevertheless, the company is optimistic about the future.

“The restructuring means that everyone is in the right place, the organisation is more efficient and agile, and there is a future-proof new structure that guarantees continuity.

“In addition, there is a legitimate belief that guests would like to visit the casino again. In any case, a peak is expected at nightlife venues when the restrictions can be lifted completely. 

“The interest in casino visits last summer also showed this and that is nothing short of hopeful. The hospitality and the offer of safe and responsible play will also provide relaxation at the highest level for many Dutch people in the coming months.”