Netherland’s Holland Casino has been facing several challenges from foreign-based online gambling operators catering to local customers that have led to dampening of its overall revenues.
While demands of privatizing the state-owned casino operator lost support in the Dutch Senate earlier in the year, in an important announcement, the gambling monopoly in the country said that it has extended its CEO Erwin van Lambaart’s contract for at least another four years. Mr. Lambaart has been leading the company for the past three years and his contract is due to expire in 2020.
However, the country’s gambling regulators seem to be satisfied with Mr. Lambaart’s performance and how he has been steering the company through its difficult times.
The country’s Ministry Of Finance approved the gambling regulator’s decision to extend van Lambaart’s contract for at least another four years.
The chairman of the supervisory board, Willem Bröcker, was positive about the performance of the casino operator and also its CEO’s role.
Speaking of the CEO’s work, Mr. Brocker said: “With the reappointment of Erwin van Lambaart, we ensure the continuity of Holland Casino’s successful strategy. In recent years, he has steered the company through turbulent times in a powerful manner and has ensured stability within the company. In addition, he has successfully managed to unite his team’s interests and the social role of Holland Casino through the ‘HC2020’ strategy, which has been implemented decisively. His knowledge and insights will be of great importance for the company in the coming period.”
On his contract extension, Mr. Laambart commented: “I look forward to continuing this great assignment as chairman of the board to make Holland Casino more future-proof and to face the tough challenges ahead. Our successful strategy will be continued in the coming years, including the launch of the online gambling market, the opening of new locations in Venlo and Utrecht, and various product innovations and improvements for our customers.”
No Plans To Privatize
Holland Casino has been facing criticisms for being non-profitable as its revenues continued to decline throughout 2018. The operator’s gambling monopoly Holland Casino’s year-on-year profit dropped in 2018. Citing low footfall and higher spending the company posted a profit before tax at €82.7m which was €98.0m for the previous year.
Following slumping profits and challenges facing the gambling operator, there were demands within to privatize the state-run gambling operator.
However, in May, the Dutch Senate voted against the move to privatize Holland Casino.