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CR62-p02&03-Euro2&3:SJC-Casino Review 25/11/07 01:06 Page 2
Genting International, the over a year ago for £639m.
Genting
Malaysian owner of Britain’s The company said that the
down
largest casino estate, says it duty increase ‘took the UK
has lost almost £130m due to gaming industry by surprise as
following an increase in gaming tax and it was made without any prior
British
the effects of the smoking ban. consultation and indication.’
tax rise
Genting reported a £129m loss
against the value of the Stanley
Casinos business it bought just
Dutch set flat rate
for gaming taxes
Stormy waters have
calmed in The
Netherlands where
Holland Casino is
reflecting on an about
turn which has
saved the company
some 100m euros in
tax increases. Hugh
Sorrill reports.
taxmax
HOLLAND
The Dutch second chamber
in The Hague has voted to
impose a flat rate gambling
tax of 29 per cent on all table
games, casino slot machines
and arcade machines. As the
original proposal by the
finance minister was to set a
flat rate of 40.85 per cent,
Holland Casino
the amount paid hitherto on in Amsterdam
table games, there have been
sighs of relief all round.
The rates are set to change 100m euros out of the busi- cent rate was applied.
on 1 July 2008, the same day ness and that would have The new law treats all
as a ban on smoking goes sent us deeply into the red. gaming income the same.
into effect. Arcade operators But the 29 per cent rate Using the 2006 headline
will be hardest hit, as they means only a slight increase figures, the 29 per cent rate
see their tax rate go up from in the amount we pay in tax.” sees table taxes fall to 83.7m
19 per cent. In 2006, Holland Casino euros but slot taxes rise to
For the state-owned paid gaming tax of 174.7m 102.9m euros, a total of
monopolist Holland Casino, euros, of which 117.9m 186.6m euros or a net
this is the fairest possible came from tables. Less than increase of 6.8 per cent.
result. half that amount, 56.8m “The effect of the new tax
Nicole Lambert, director euros, was paid on slot is effectively zero,” said
of corporate identity for the machines, even though they Lambert. “That means that
company, told Casino accounted for 66 per cent of we can concentrate on the
Review: “The effect of a GGR: the 19 per cent rate smoking ban which is going
40.85 per cent flat rate was also subject to a rebate, to have a much greater
would have been to take meaning that only a 16 per impact now.”
e floor for January opening
they are planning to shows with 400 seats
bring in the indoor fur- and a conference room,
nishings and the an additional 21 gaming
gaming equipment. tables, 75 slot-machines
Orenes expect the and two restaurants,
installations to be one with Mediter-
visited annually by ranean and the other
about 200,000 people. with oriental cuisine.
“The location is suitable The group, formed
as it will be the only by the Orenes brothers
casino in the Comuni- and the Franco broth-
tat Valenciana situated ers, has achieved prof-
on a quayside at the itable results with a
coast, and the nearby spate of openings in the
arrival of cruise ships at last few years with the
the Port of Castellón Electra Rioja Gran
will increase its public Casino in the city of
exposure”, the trading Logroño in La Rioja,
group emphasises. The Gran Hotel Casino
first casino in Castellón Extremadura in the city
will have an area of of Badajoz in
3,200 square metres Extremadura, and Gran
and will be able to Casino Costa Melon-
welcome 1,800 people. eras on the island of
It will have a theatre for Gran Canarias.
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