Holland Casino privatization to be completed by 2020
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January 19, 2018
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The government of the Netherlands is ready to proceed with the privatization of the state-owned Holland Casino and will complete it by 2020.
Dutch State Secretary for Finance Menno Snel stated on Wednesday during consultations in the Lower House that the planned privatization could be completed by mid-2020.
Last year the Lower House of the former Dutch government approved the proposed privatization of Holland Casino. The casino operator is the only one allowed to provide Las Vegas-style gambling services at land-based venues. In other words, it is the sole provider of popular table games, including roulette, blackjack and baccarat. Currently Holland Casino operates 14 casinos across the country.
On Wednesday Mr Snel confirmed the previous government’s position that operating the casinos is no longer a priority for the Dutch government. Nevertheless, both the government and the competent gambling regulators will continue to oversee the national land-based casino industry and will clamp down on any operations that violate the laws.
The State Secretary for Finance said on Monday that preparations for the future privatization have already begun, and now the Senate should approve the move.
As mentioned above, Holland Casino currently owns 14 properties in the Netherlands. Under the bill the Dutch Lower House voted for in February last year, the properties will be divided in a certain way and sold to interested companies separately.
Ten existing casinos will remain part of Holland Casino and will be sold as one business. It has not yet been determined which ten venues will operate under the Holland Casino brand. The remaining four casinos will be sold separately. Under the legislation two new casino licences will be issued for unspecified locations.
It is believed that more than one billion euros will be paid into the Dutch treasury once the privatization of the Holland Casino brand is completed.
Under the provisions of the bill, future casino owners will be required to retain the current employees of the venues.
Other important provisions in the bill include a requirement that a private company that acquires the ten Holland casinos will not be able to obtain either of the two new licences that will be issued, or purchase any of the other four casinos.
The bill and the results of its implementation will be evaluated by the Dutch government five years after the legal provisions come into force.