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Holland Casino experiences financial troubles

holland casino groupDutch gambling monopoly Holland Casino has been placed under direct supervision due to financial problems.

According to Dutch newspaper Financieele Dagblad, the company’s debt currently stands at €60 million ($80.4 million) and could reach in excess of €100 million.

The organisation is also set to cut a further 150 jobs and reduce staff perks.

“The situation at Holland Casino requires vigorous action. Turnover has dropped by 30% over the past five years,” a Holland Casino spokesman said.

Holland Casino operates 14 casinos across the Netherlands but has suffered in recent times due to lower visitor numbers and a drop in the amount punters are spending in the casinos.

Last year, the organisation unveiled plans to reorganise and cut 400 jobs from its 3,000-strong workforce. It also shed 800 jobs between 2008 and 2012.

In addition, Former chairman Dick Flint announced his resignation in June of this year following the firm’s posting of disappointing financial results for the previous year.

Holland Casino posted a net loss of €652,000 for 2012.

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