Dutch state-owned land-based operator Holland Casino's revenue and profit grew in 2019, the last full year before the country's online gambling market opens.
Holland Casino made €728.9m in revenue in 2019, up 11.0% year-on-year, with a total of 6.2 million visitors coming to its venues over the year. Slot games accounted for the majority of this sum, at €383.5m, up 12.8%, while table games brought in 288.9m, up 8.7%.
The operator made a further €7.2m through the settlement of a legal dispute with the owner of the Ven Complex over the operator’s Casino Amsterdam West-Sloterdijk location, which is in the complex.
The operator paid €202.4m in gambling taxes, also up 11.0%, for net revenue of €526.5m, up 11.1%.
The operator made a further €7.2m through the settlement of claims, down 36.9% year-on-year.
Holland Casino’s operating expenses came to €442.5m, up 9.7% year-on-year. Of these expenses, €260.8m were personnel costs, up 7.9%, for Holland Casino’s 4,033 employees. Operational costs added a further €127.6m in expenses, down 1.2%. Holland Casino’s earnings before interest, tax, depreciation and amortisation came to €145.3m, up 26.5%.
The operator’s depreciation costs rose 65.4% to €54.1m, resulting in a gross operating profit of €91.2m, up 10.9%.
The operator paid out €1.8m in financial expenses, down from a €400,000 profit in 2018. In addition, it made $200,000 through investments in other businesses, for a pre-tax profit of €89.6m, up 8.3%.
Holland Casino paid €22.0m in corporate taxes for a full year net profit of €67.6m, up 13.6%.
“I am proud of our figures for the past financial year,” Holland Casino chief executive Erwin van Lambaart said. “It is an excellent result that we have achieved.”
On 1 July 2020, the Netherlands’ online market will open up, after a delay from the initial launch date of 1 January, and Holland Casino will launch online, with a Playtech-powered offering. Holland Casino’s chief operating officer Ruud Bergervoet said the delay would benefit the operator, giving it more time to prepare for the igaming roll-out.
“The extra time we have because of the postponement, we see it as an opportunity because we now can use that extra half year to be even better prepared,” Bergervoet said.
Van Lambaart said Holland Casino would not be privatised in the near future, instead remaining state-controlled for the time being.
“During the discussion by the Senate about our intended privatisation, it became clear that people are satisfied with the way we operate as a state company, and how we set the standard with regard to safe and responsible play. We also want to continue to play a leading role in this area if we offer online gambling in the future.
Justice Minister Sander Dekker announced in May 2019 that he would be withdrawing the Casino Gaming Modernisation bill, which would have seen 10 of Holland Casino's 14 casinos sold.