€33M Profit, Stronger Foundations: Holland Casino Moves Forward with Stability Under Petra de Ruiter
Holland Casino posted a pre-tax profit of €33.0 million for 2025, compared with a €1.3 million loss a year earlier. The turnaround looks solid at first glance, but it is largely the result of one-off gains and cost measures rather than any real improvement in underlying revenue.
Profit Recovery Led by Non-Recurring Measures
Most of the profit improvement came from internal cost actions and asset-related gains. Head office restructuring, along with tighter cost control across the business, helped bring expenses down. In addition, property disposals in Zandvoort and Groningen provided a one-time lift to earnings.
These are helpful in the short term, but they don’t signal stronger operating leverage going forward. Management has already made it clear that a large share of this uplift won’t repeat, which puts the quality of the recovery into question.
Top-line growth, meanwhile, remained limited, suggesting demand has not materially improved.
Land-Based Segment Stabilises as Core Earnings Driver
The land-based business showed more encouraging signs. Visits rose to 5.3 million, and average spend reached €140 per visit.
This points to better customer value and a more stable retail environment overall. For now, land-based operations continue to carry the earnings profile.
Online Growth Constrained by Regulation
Online performance tells a different story. Revenue remained flat after the introduction of deposit limits across the Dutch market.
That outcome underlines how tightly regulated the channel has become. With clear limits on player spend, the ability to grow digital revenue is effectively capped.
Rising Taxation Adds Structural Margin Pressure
The group paid €251.8 million in gambling tax in 2025, up €28.9 million year-on-year.
From January 2026, the tax rate is set to increase again to 37.8%, adding further strain on margins.
This reinforces a difficult operating setup: pricing flexibility is limited, labour costs are moving higher, and online monetisation is restricted. Without new efficiencies or additional revenue streams, margin pressure is unlikely to ease.
Digital Investment Remains Necessary but Costly
Holland Casino is continuing to invest in digitalisation, new game formats, and player monitoring and compliance systems.
These investments are necessary, but they come at a time when free cash flow is already being squeezed by higher taxes and rising wages. Management has pointed to early signs of progress, although no concrete financial impact has been shared so far.
Earnings Quality Remains the Key Issue
Even with the return to profit, the underlying earnings picture remains weak. A meaningful portion of the 2025 result comes from non-recurring items, while the core business still faces the same structural pressures.
Online growth remains limited, taxes are rising faster than revenue, and cost savings offer only short-term relief.
Taken together, this looks less like a turnaround and more like a year of stabilisation.
Source: Holland Casino
