Holland Casino iGaming Revenue Not Big Enough To Prevent Overall Losses In 2021
Summary
- Holland Casino’s 2021 revenue stood at €304.2 million, a drop of 8.7%
- iGaming brought in €40.4 million but it was not enough to make up for the losses
- The casino remains in a strong financial position and is recovering this year
Holland Casino has yet to fully recover from the financial impact of the COVID-19 pandemic, but it’s doing quite well this year after suffering a decline in revenue in 2021.
Latest figures show the state-owned casino’s revenue declined in 2021, that’s despite launching its online gaming operations in October.
Holland Casino generated €304.2 million in 2021, representing an 8.7% drop from 2020. The casino had been closed for over five months in 2021 due to the pandemic and operated at limited capacity when it reopened. That’s opposed to the first two months of 2020 wherein Holland Casino’s venues across the country performed well, operating under normal conditions just before COVID-19 hit.
The limited operations in 2021 were the main reason for the revenue decline, the casino said.
Revenue from slot machines dipped 18% to €152.4 million in 2021, with table games contributing €94.1 million, down 25.5% from 2020. Food and beverage revenue was also down 25.6% to just €7.9 million, while tips contributed €8.2 million, a 23.4% decline from the year prior. All other revenue also dropped to just €1.2 million.
Holland Casino launched online gaming in October and that vertical contributed €40.4 million to its total revenue for the year. The figure also accounted for 20% of the revenue generated by the entire iGaming market in the country which stood at €185 million.
Holland Casino paid €85.2 million in gambling taxes and nearly €280 million in operating expenses, a decline of 8.9% and 12.0% respectively. While its personal costs dropped significantly to €116.1 million, the casino’s operational costs rose to €104.1 million, up 25.1% from 2020.
Overall, Holland Casino’s net revenue stood at €219.0 million in 2021, down 8.7% from 2020. Its net operating loss decreased 22.5% to €60.9 million.
Things Looking Better
The Dutch government has provided much-needed support to the casino allowing it to stay in a strong financial standing, according to the company’s chief financial officer Ruud Bergervoet.
He further added that the casino’s Horizon restructuring project, which includes implementing cost-saving measures and finding better ways to effectively and efficiently manage the organization, would help them bounce back from the losses and make the company future-proof.
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