Holland Casino posts €405.3m in H1 turnover as revenue slips
Operator refers to Dutch advertising ban, Covid-19 restrictions and staff additions for “significantly higher costs” in H1
Holland Casino continues its recovery from Covid-19 after posting a year-on-year (YoY) turnover increase of €51.9m to €405.3m in H1.
The operator championed improvements in its land-based business during the first six months of the year as a core driver for the company.
H1 saw 2.5 million people visit compared to 1.8 million in 2022, though Covid-19 restrictions were still in place up until 25 February. Guests also spent less on average per visit in 2023 at €138 compared to €148m in 2022.
However, that figure is an increase from pre-pandemic when it stood at €117.
Revenue fell by a third, from €82.7m to €57.2m, due to several factors including voluntary halting advertising due to the 1 July ban of untargeted advertising and increased competition in the sector.
The operator added that it expects a slight recovery in the upcoming period due to the advertising rules being clearer across the industry.
High outgoings, such as energy prices and inflation, have also contributed to Holland Casino’s results, as well hiring 468 new staff members who were “desperately” needed.
Holland Casino noted it paid €9m more corporate tax totalling €17.2m in H1 2023 compared to 2022.
CFO Ruud Bergervoet said he was “satisfied” with the firm’s figures.
Bergervoet commented: “I am satisfied with where we are as Holland Casino. Yet we cannot sit back and relax. There remain significant challenges for the near future.
“The cost increases will continue to depress our results in the coming years, while we will also have to pay off our tax debt. At the same time, we must also maintain our investments to remain relevant for our guests.
“That is why we will have to continuously monitor the right balance between a healthy financial position and investments in the future,” he said.
CEO Petra de Ruiter touched upon the number of visitors still being down but praised employees for their efforts in helping the business recover from the pandemic.
De Ruiter added: “We are happy that guests are increasingly finding us again. At the same time, not all visitors have yet found their way back.
“Now that our operation is getting better and better and we have attracted many new employees, we can also offer our complete spectrum of games again.
“We expect the recovery that has started to continue. We now have a good basis for this to work on new plans with positive energy. All our colleagues deserve a big compliment for that achievement,” she concluded.