Holland Casino returns to profit and posts $353M in revenue for H1, aided by new online gaming segment

Dutch state-owned operator Holland Casino shared Wednesday its financial results for the first half of the year. For the period ended June 30, the company reported total revenue of €353.4 million ($352.3 million). The revenue for H1 is more than the total recorded during the entirety of 2021 or 2020 when the business posted €304.2 million and €333.1 million, respectively.

Online gaming made up 23% of H1's total revenue with €82.8 million ($82.5 million). iGaming represents a fairly new vertical for Holland Casino, as it was legalized in the country in October last year. 

The business also reported EBITDA of €40 million ($39.8 million). Meanwhile, its pre-tax profit was €8.2 million ($8.1 million). "This result was achieved despite the fact that we were still confronted with significant corona restrictions in the first two months of this year," the company noted in a press release.

Noël Leise, Holland Casino's Director of Operations, said: "Fortunately, our loyal guests have found Holland Casino again en masse. And our committed employees do everything they can to ensure that they have a great time at Holland Casino."

"We also see that our online guests continue to appreciate our offer despite the increasing competition," Leise continued. "We, therefore, expect a positive year for Holland Casino. Of course, that still depends on the Covid-19 developments in the autumn and how quickly we can have enough employees in the tight labor market. But these half-year figures again form a promising basis."

The operator also repaid €51.7 million ($51.5 million) worth of taxes that had been deferred due to the impact of the pandemic during the first half of the year. In total, the business had €313.4 million ($312.4 million) deferred.

Chief financial officer Ruud Bergervoet said the operator was currently set up to pay off the remainder in a maximum of 60 installments, but it was exploring paths to pay it back more quickly. Additionally, he highlighted the company is making a profit again and is "in good financial shape."

Among highlights for the period, in May the company announced that Petra de Ruiter will become the company's new CEO, as of September 1. She is currently Chief Operations Officer at Dutch airline Transavia and is set to replace Erwin van Lambaart in the role. 

Moreover, subsequent to the period, in July the business signed a partnership with Evolution, thus granting the Holland Casino online players full access to NetEnt and Red Tiger's gaming catalogs.

Also in July, the company extended its partnership with International Game Technology (IGT) by launching a new version of the Mega Millions wide area progressive (WAP) jackpot in the Netherlands. Players across the country now have access to Mega Millions WAP wins on IGT’s newly deployed PeakSlant49 cabinet.

Earlier this month, Dutch casino signage specialist Signs4U completed the installation of IGT's Mega Millions WAP in all 14 Holland Casino locations. Each of the venues has a bank of six, eight, or ten slots surmounted by a sign that is designed and built using the latest flexible LED panels from Signs4U.