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Stadtcasino Baden revenue and profit up in 2020 despite Covid-19

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Swiss casino operator Stadtcasino Baden Group has released its financial results for the full year 2020, showing gross sales of CHF105.9m (£83.1m/€96.2m/$117.6m), up 26.0% on 2019’s figure.

Increased revenue from the operator’s jackpots.ch and casino777.ch online brands accounted for the year-on-year growth in spite of land-based closures as a result of the novel coronavirus (Covid-19) pandemic.

The operator’s land-based properties brought in CHF58.4m in sales, down 24.3% from CHF77.0m in 2019. Its online operations, however, grew significantly from CHF7.0m in 2019 to CHF46.1m in 2020.

Of the land-based figure, the majority of revenue, CHF43.1m, came from slot machines, while a further CHF8.2m came from table games.

Tips and service charges brought in a further CHF2.2m, down 19.7% and food and beverage brought in CHF3.0m, down 49.7%.

Income from personal contributions added CHF1.0m to the operator’s gross sales figure, while B2B technology solutions brought in CHF314,000, and other business activities brought in CHF27,000.

After CHF42.6m in casino tax, 17.3% more than was paid in 2019, and other sales reductions of CHF350,000, the operator’s net sales for the year stood at CHF63.0m, up 32.9%.

Stadtcasino then paid personnel expenses of CHF22.6m, 1.2% higher than in 2019, and other operational expenses of CHF28.7m, up significantly from CHF16.6m.

As a result, the business was left with an operating profit before depreciation, interest and taxes of CHF11.7m, 38.9% higher than 2019.

Depreciation of property, plant and equipment cost the business CHF2.6m, while the amortisation of intangible assets cost a further CHF669,000, leaving earnings before interest and taxes of CHF8.4m, 83% higher than in 2019.

After receiving a further income of CHF423,000 from associated companies, and a financial return of CHF190,000, the business lost 1.6m on the value adjustment of financial assets, in addition to paying CHF2.0m in extraordinary expenses. The operator was therefore left with earnings before taxes of CHF5.5m.

After income taxes of CHF1.5m, 51.6% higher than in 2019, the group had a consolidated profit of CHF3.9m, compared to CHF3.6m in the previous year.

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