As recent financial reports and casino news inform, Holland Casino, the government-owned gambling monopolist in the Netherlands, has a critical revenue decrease caused by the coronavirus pandemic.
The first half of 2020 was lossmaking for Holland Casino as its turnover decreased by 58.7 percent (to €146.3 million) in comparison to 2019. The casino executive admitted that the COVID-19 pandemic had damaged the company greatly, and it had lost its revenue during the lockdown period.
Previous financial achievements have been demolished by the lockdown
The Dutch state-owned casino was doing well before the shutdown. Players started to visit casinos more and spend more time there. Its turnover was gradually growing, and, before the quarantine, they saw a 7-percent increase in revenue. However, the pandemic destroyed all gainings, as Holland Casino had to close its venues for the period of March 13-July 1.
Even the recent reopening couldn’t help to save the situation. The operator was allowed to open the doors of its casinos for visitors but with taking certain safety measures set by the government. Although the venues are operating now, it won’t influence the company’s overall financial state. According to its CFO, it had much liquidity during the shutdown. The casino’s net loss after corporate income tax was estimated at €28.3 million, and it had €32.5 million of revenue previous year.
Read more: Detailed explanation of net gaming revenue