Holland Casino reported a pre-tax profit of €14.2m in the first half of 2025, reversing a €3.5m loss from the same period last year.
The turnaround was mainly driven by cost-cutting measures introduced at the start of the year.
Total revenue dipped slightly to €390.9m, with a modest gain at land-based venues offset by continued declines in online revenues. Management noted that mandatory spending limits, introduced on 1 October 2024, directly hurt digital performance.
Visits to physical casinos edged up from 2,565,472 to 2,582,498, with average spend per guest also rising slightly. Operating costs were cut by €30.1m, excluding exceptional items, through head office restructuring and other savings.
CFO Ruud Bergervoet said the savings required considerable effort from staff but delivered results. He warned, however, that financial pressure remains high given another gambling tax hike is planned for 2026.
Liquidity improved thanks to a six-month pause in Covid-related debt repayments and a two-year extension of the repayment plan. The company also gained €6.6m from property sales, including €2.7m for its former Groningen site and €8.7m for its Zandvoort branch. These were not counted as structural savings.
The gambling tax increase from 30.5% to 34.2% at the start of 2025 added €13.5m in costs. A further rise to 37.8% is scheduled for 2026. Bergervoet noted that had the higher rate already applied, profit would have dropped to €1.1m, or turned into a €5.5m loss without the property sales.
Online operations remain under strain. Digital revenue fell 15% last year to €48.9m, and executives confirmed the downward trend has continued in 2025. Mandatory player limits and stricter regulations are weighing heavily on the platform.
Despite the improved bottom line, management stressed that the company’s financial position is still fragile following the pandemic and amid ongoing economic challenges. Rising taxes and tighter regulation continue to pressure both online and land-based businesses.
Bergervoet expressed appreciation for staff efforts and the steady flow of casino visitors but cautioned that further tax hikes will keep financial stress elevated in the years ahead.
