Euro Online Casino

Due to the economic recession and decline in financial markets, ban on smoking, tax reforms and increased competition from Holland online casino gambling operators, Holland Casino has been hit by 83% decrease in net profits.

From a €85.6m profit a year ago, Holland Casino has dropped 83.2% in the current year and its 14 casino venues in Netherlands went down to €14.3m in 2008. 44% from €144m to €80.4m on its gross revenues showed a dramatic fall in its Annual EBITDA.

It was observed that over half a million less visitors came to their casinos over the year, although the average spent at every visit remained constant.

The CEO has stated that the company’s monopoly over land-based casinos in Holland had caused a weaker performance on the recession which was combined with the impact on the ban of public smoking.

He expressed his concern in the increasing number of Dutch smokers who had turned to Holland online casinos as an alternative. The ban on smoking had resulted in tens of millions of Euros. Holland Casino was denied a license to set up its online poker and online casino gaming website. The casino is said to have estimated around 485,000 residents who were players at the online casinos outside the country with the market worth €477m per year.

The CFO stated that the casino had embarked on restructuring its operations in the current year and would implement revenue generating and cost saving measures in short and medium term. He stressed on the need for modernization for the company to meet its customer demands.