This Dutch casino is part of the Janshen-Hahnraths Group which operates and manages amusement centers and casinos throughout the Netherlands.
It was previously announced that they had suspended their CEO, Michiel Nubé. It has now been confirmed that his dismissal is permanent. Why they are dismissing their CEO at the Janshen-Hahnraths Group is unclear. They have, however, clarified who will take over his role.
Michiel Nubé was appointed as CEO at the end of October 2023
At the end of October 2023, Nubé was appointed the new CEO of the parent company, Janshen-Hahnraths Group. Michiel Nubé had already built a distinguished career at Holland Casino, JVH Gaming & Entertainment, and MediaMarkt, among others.
Experience in the Dutch gambling industry was a strong asset. At the time, he succeeded Jan Schiffelers, who had been active as CEO for no less than 23 years.
Financial situation became clear
But in early 2024, Nubé realized the company was in dire financial straits. The Chief Financial Officer only later disclosed information about an upcoming credit limit reduction from the bank. He never shared this with the CEO, thus withholding crucial information for months. As a result, the company was unable to honor its agreements with the bank.
Attempts were then made to formulate a rescue plan, and Nubé convened the shareholders and the supervisory board. Shortly after, 100 people lost their jobs at the casino, and five casinos were closed as a result of a reorganization. A second reorganization followed early this year. A month later, a debt settlement was reached with creditors, including the Dutch Tax and Customs Administration (Belastingdienst).
In March, Nubé addressed the House of Representatives during a roundtable discussion on gambling, along with his colleague Frank Kastelijns of Circus. They jointly warned about the consequences of the increase in gambling tax and the danger of illegal online casinos supported by evidence of illegal deposits.
Disappointing figures may be the reason for dismissal
It was already known that Fair Play Casino had been hit hard by debts stemming from the coronavirus crisis and the increase in gambling tax. Therefore, they previously announced additional financial restructuring. They initiated a WHOA procedure, which helps companies struggling with high debt levels while maintaining viable business operations.
Earlier, we discussed this joint approval of their restructuring plan by the various companies and tax authorities, which led to the optimistic announcement that they had breathing room to strengthen their organization and operations. At the time, Michiel Nubé, CEO, also expressed his gratitude for the optimistic attitude of both creditors and shareholders.
Fair Play Casino focuses on the future
But now that the company is focusing its vision on the future, new leadership is clearly required. The company wants to grow with the changing market and continue to make its mark as a leading player in the sector.
There is currently summary proceedings between the Janshen-Hahnraths group and Nubé, which aims to quickly end this leadership conflict. Michiel Nubé himself has indicated that he does not wish to comment at this time for personal reasons. The Janshen-Hahnraths group has also declined to comment. However, they are communicating about their new course of action with different people at the helm.
The succession is known
Kim Hollands has been appointed as the new CEO and has already served as a member of the company’s supervisory board for the past two years. This news isn’t entirely surprising, as she was already closely involved in the company’s future strategic direction.
Kim Hollands (CEO Janshen-Hahnraths Group):
“Now that the restructuring has been successfully completed and we’ve laid a solid foundation, this is the perfect time to look ahead. The market is developing rapidly, and we want to play an active and responsible role in it. By capitalizing on the dynamics of a new generation of players and the changing way they experience entertainment, we ensure that Fair Play—both online and offline—remains strongly positioned and can grow sustainably with the future of the sector.”
Day-to-day management is being handed over to Björn Fuchs, who currently serves as Chief Digital Officer at the company and heads Fair Play Online, the company’s gambling website. In addition to this role, he is now deputy CEO and also remains chairman of the industry association VNLOK. This succession has been secured, with the company primarily seeking internally how to shape its vision for the future.