Holland Casino vulnerable despite sales
•
5 Sep 2025 •
Reading time: 3 minutes On the face of it, the first half of 2025 looked promising for Holland Casino: visits to its land-based establishments increased, average spend rose, and sales generated some growth. But this rosy picture hides a less rosy reality.
When taxation turns success into fragility
Since 1 January 2025, the tax rate on gross gaming revenue (GGR) in the Netherlands has risen from 30.5% to 34.2%. Although the impact of this first increase is already tangible (additional costs of €13.5 million in the first half of the year), it is only a prelude. From 1 January 2026, the rate will rise further to 37.8%.
Ruud Bergervoet has made no secret of his concerns about this tax policy. He warned that if this higher rate had already been applied in the first half of the year, Holland Casino would barely have made a profit of €1.1 million or would have made a loss of €5.5 million without the exceptional income from property disposals.
“This shows how vulnerable we are, despite all our efforts so far,” he said.
The improved profitability seen in the first half of the year is partly attributable to a one-off event: the sale of two properties. The Zandvoort property generated €8.7 million, while the former Groningen site generated €2.7 million. The additional €11.4 million boosted net profit by around €6.6 million. Without this breath of fresh air, the results would have been far less flattering, or even catastrophic, if the second phase of the tax increase had already been applied.
“The financial pressure remains high, especially considering the planned second increase in gaming tax in 2026. If the rate had already been at 37.8%, we would have closed the first half of the year with a profit of €1.1 million, or a loss of €5.5 million if we didn’t have the one-time revenue from sales.”
Supporting figures
Despite these one-off sales, the Group’s overall revenues remain modestly down: 390.9 million euros, slightly down on the previous year. The flow to physical casinos remained stable: visits rose by 0.7%, or 2.6 million admissions, with slightly higher average spending. However, online activity is suffering. The introduction of enhanced player protection measures, such as deposit limits, in October last year had a significant impact on digital revenues.
Welcome savings
Among the few positive points, efforts to control costs have borne fruit. Holland Casino succeeded in reducing its operating expenses by €30.1 million, thanks in particular to targeted restructuring at head office. As a result, pre-tax profits came to €14.2 million, compared with a loss of €3.5 million the previous year. But this rebound is still due to exceptional factors, and not to an organic improvement in performance.
Government targets compromised
The Dutch government had hoped to earn an additional €200 million a year between 2025 and 2028 thanks to these new taxes on gaming. However, even with the increased rate, GGR revenues for the first half of the year are 25% lower than in 2024. As a result, the tax revenue collected by the Kansspelautoriteit is only 83% of what was collected over the same period in 2024. The promise of a more lucrative public purse is therefore receding dangerously, against a backdrop where the market is stagnating rather than growing.
What’s in store for 2026? The increase in tax to 37.8% promises to be a real test for Holland Casino. Without new levers for growth or efficiency, the company could quickly see its model compromised.