Holland Casino’s H1 2022 Report Revealed Strong Recovery

Dutch gaming operator Holland Casino reported today its first half financial performance posting a strong recovery and growing share of online operations.

On the Path to Recovery

For the six months ended June 30, 2022, Holland Casino generated €353.4 million ($351 million) in turnover. The half-year figure surpassed the full year 2021 figure of €304.2 million ($302 million)  and the full year 2022 figure of €333.1 million ($330 million) – two years in which its properties remained closed for a sustained period – suggesting the business is firmly on the path to recovery.

Commenting on the results, Holland Casino director of Operations Noël Leise was happy to note that most of the company’s loyal guests returned to its premises where “committed” Holland Casino employees were happy to go the extra mile to make sure every customer had a great time.

With the growing share of online casino operations, €82.8 million ($82.2 million) for the first six months, Leise was also happy to see that Holland Casino’s online offer was “appreciated” by players and optimistic about the company’s full-year outlook, depending on the “corona developments in the autumn” and the speed with which the business can hire enough employees in a tight labor market.

For the first six months of 2022 Holland Casino’s EBITDA was €40 million ($39.7 million) while operating result before corporation tax was €8.2 million ($8.1 million), a satisfying result in the background of significant operating restrictions in the first two months of the reported period.

Optimistic Outlook for the Next Six Months

For the next six months, Leise outlined that Holland Casino would continue to build a stable, responsible and sustainable business, also implementing renewed energy.

Also commenting on the results, Holland Casino chief financial officer Ruud Bergervoet emphasized the profit and the “good financial shape” of the business, noting that the deferred tax the company had accrued during the period of lockdowns and restrictions would be paid “in a maximum of sixty installments” starting from October.

In the first six months of 2022, Holland Casino’s financial performance allowed the company to repay €51.7 million ($51.3 million) of deferred up to and including March 2022 a total of €313.4 million ($311.2 million).

Bergervoet said that the company was looking into responsible ways to repay these taxes more quickly without jeopardizing its future financial recovery and normal investment levels.

Holland Casino said in the report that the NOW repayment of €24.4 million ($24.2 million) will be made in the second half of 2022.

At the end of June, Holland Casino reached an agreement with the Federation of Dutch Trade Unions (FNV) and De Unie to increase wages for its personnel effective June.