Dutch authorities have decided to privatize their casino monopoly. This may see a boom in online gambling in Holland and possibly the rest of Europe.
The Netherlands currently maintains an outright monopoly on casino and online gambling. In order to foster competition, the Netherlands intends to sell off its casino monopoly, Holland Casino, and legalize online gambling.
The decision to sell Holland Casino and legalize online gambling, such as online pokies, was made by the new coalition government of the Netherlands that was sworn into office in November.
Justin Franssen, a VMW Taxland attorney that specializes in the gambling industry told Reuters that it is unclear whether the government will sell the casino outright or if there will be an initial public offering.
The Netherlands’ casino industry lacks the renowned splendor of the Las Vegas scene but Holland Casino still boasts 14 locations throughout the country, particularly in larger cities and tourist locales such as Amsterdam and Rotterdam. Holland Casino currently brings in around a million visitors per year and takes in a profit of approximately 3.8 million euros from over half a billion euros in revenue.
On the whole, the Netherlands attracts around 11 million visitors each year.
Amsterdam, the Dutch city famous for canals, exceptional museums, and marijuana brings in more than five million visitors every year. For added perspective, the 14 Holland Casino venues bring in the around the same number of visitors as the house where Anne Frank composed her famous diary about hiding from Germans during World War Two but far fewer visitors than the Van Gogh Museum.
Frassen, the attorney at VMW Taxland, did not provide an estimate as to the value of the casino business, but that local arcade operators in addition to U.S. and British companies are interested in the sale. In addition to ownership opportunities, the sale of Holland Casino should provide opportunities for management consulting and financial advisory firms. Online gaming companies and entrepreneurs will benefit from the legalization of gambling websites. Consumers benefit from being able play certain games online, such as online pokies.
Holland Casino currently intends to reduce its current workforce from approximately 4,000 employees, by 10 percent over the next two years. The workforce reduction is being attributed to the weak Dutch economy and a decrease in consumer spending. The reduction in workforce is expected to save 50 million euros a year in costs.
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