Parent company Fair Play Casino successfully restructured
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1 Jul 2025 •
Reading time: 3 minutes Janshen-Hahnraths Group is an established name in the gaming industry with no less than 65 years of experience. They have gained fame among the general public as the parent company behind Fair Play Casino and Fair Play Online.
During the COVID-19 crisis they got into trouble. Long-term closures of physical casinos and the increase in gambling taxes meant that the company had to brave heavy storms.
Now they have announced in a press release that they have achieved a successful financial restructuring.
Financial restructuring proved inevitable
The Dutch magazine Quote reported in January 2025 that the Janshen-Hahnraths Group had to initiate a second reorganization and look for a new lender now that the bank is slowly stopping financing. In February it became clear that internal changes had to be made on a financial level.
If we look at the most recent annual report, Quote refers to the turnover they achieved in 2023, which amounted to 60,3 million euros. But on the other hand, the loss increased from 11,4 million euros to 16,2 million euros. The expected growth in online gambling also failed to materialize.
The COVID-19 pandemic was a major blow and the company is still struggling with debt from that period years later. In addition, factors such as stricter regulations and the earlier increase in gambling tax from 29,5 to 30,5% also play a role.
Jan Schiffelers, the former CEO of the parent company, previously warned about the heavier tax burden. Last January, the gambling tax was even further increased to 34,2%, making it necessary to look for a solution.
WHOA procedure offers solution
The parent company also did the necessary to start a process to reach a debt settlement via a WHOA procedure. A company that is experiencing financial problems can reach an agreement with its creditors without bankruptcy proceedings.
In Belgium we have a similar option where companies can apply for temporary protection from their creditors while working hard on a plan to keep the company alive. This has helped several companies in Belgium overcome major crises.
Joint approval of restructuring plan
The parent company has been able to reach joint approval for their restructuring plan with the various companies and the tax authorities where they still have debts.
Janshen-Hanrahts Group:
“This immediately makes the financial restructuring a fact.”
This gives the company breathing space to strengthen their organization and activities, both for their physical casinos and the online offering. The current CEO Michiel Nubé shows his gratitude towards the optimistic attitude of both creditors and shareholders.
Michiel Nubé (CEO Janshen-Hahnraths Group:
“In recent months, we have gone through a very intensive process that would not have been possible without the commitment of our employees and certainly also the support and positive attitude of our shareholders and our creditors. We are very grateful for that. The confidence in a sustainable future of Janshen-Hahnraths Group that this expresses feels like a huge support.”The future therefore looks bright again for Janshen-Hahnraths Group.