{"id":13598,"date":"2026-07-24T08:17:09","date_gmt":"2026-07-24T07:17:09","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=13598"},"modified":"2026-07-24T08:17:13","modified_gmt":"2026-07-24T07:17:13","slug":"loss-of-swiss-players-pushes-liechtenstein-casinos-into-crisis","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2026\/07\/24\/loss-of-swiss-players-pushes-liechtenstein-casinos-into-crisis\/","title":{"rendered":"Loss of Swiss Players Pushes Liechtenstein Casinos Into Crisis"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>The government of Liechtenstein <\/strong>has been informed of the \u201csteepest contraction\u201d of income generated by casinos across the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A 2025 annual report of the country\u2019s iGaming market showed that casino GGR declined 59% to CHF57.3m (\u20ac61.5m), down from CHF140.8m (\u20ac151.1m) in 2024 \u2013 wiping CHF83.5m (\u20ac89.6m) from industry revenue in a single year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Liechtenstein\u2019s gambling sector is regulated under <strong>the 2010 Gambling Act (Geldspielgesetz)<\/strong>. Supervision is carried out by the <strong>Office of Economic Affairs<\/strong>, while anti-money laundering oversight remains with the <strong>Financial Market Authority<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the downturn, <strong>Grand Casino Liechtenstein<\/strong> remained the country\u2019s market leader, generating CHF22.9m (\u20ac24.6m) in GGR and retaining a 40% market share. However, revenues still declined by 62.4% year-on-year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Casino Schaanwald<\/strong>, operated by <strong>Casinos Austria,<\/strong> proved the most resilient of the larger venues, posting GGR of CHF13.3m (\u20ac14.3m), a comparatively modest decline of 14.3%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The only operator to record growth was <strong>Alpin Royal Casino<\/strong> in Schaan, where revenue increased 43.3% to CHF3.2m (\u20ac3.4m), albeit from a much smaller economic base than other counterparts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of significance, direct casino tax receipts have fallen even more drastically by 63.% to CHF20.3m (\u20ac21.8m) from CHF52.8m (\u20ac56.7m), dealing a significant blow to the country\u2019s public finances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>State of flux<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Liechtenstein market has undergone some substantial changes in the last 18 months. Following an agreement signed on 7 January 2025, an additional 10,000 Swiss casino self-exclusion orders were rolled out across Liechtenstein casinos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The measure effectively removed a substantial portion of the country\u2019s cross-border customer base, exposing the industry\u2019s dependence on Swiss visitors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Effects continue into 2026 as <strong>LV Casino Eschen<\/strong> closed in January after generating just CHF344,000 (\u20ac369,000) in revenue, while <strong>Plaza Casino<\/strong>, operated by <strong>BestWin<\/strong>, reported no gaming revenue during the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of July 2026, only four casinos remain in operation: Grand Casino Liechtenstein, Casino Schaanwald, Casino Admiral Triesen and Alpin Royal Casino.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The dire outcome marks a sharp reversal for a sector that had become one of Liechtenstein\u2019s fastest-growing industries.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Between 2017 and 2025, the country\u2019s casinos generated CHF771m (\u20ac827m) in gross gaming revenue and contributed CHF282m (\u20ac302m) in gaming levies to the state.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rocky future<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The density of casinos in Liechtenstein municipalities has become a politically sensitive issue. In 2023, the citizens action group <strong>IG Volksmeinung<\/strong> was granted the rights to hold a referendum which sought to ban land-based casinos and end Liechtenstein\u2019s status as the \u201cLas Vegas of the Alps\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposal was rejected, with 73% opposition, which included a vote by Head of State <strong>Prince Hans Adam II<\/strong> in favour of casinos.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Prince noted that a total ban on casinos was too drastic a measure, but that the Principality should hold greater accountability for citizens\u2019 anxieties on the growing prevalence of casinos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Markus Kaufmann,<\/strong> President of the <strong>Liechtenstein Casino Association, <\/strong>described the current market conditions as \u201cunsustainable\u201d, calling on Prime Minister <strong>Brigitte Haas <\/strong>to intervene with measures to support the sector\u2019s economic viability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kaufmann argued that Liechtenstein\u2019s casinos should be recognised as strategic contributors to the principality\u2019s tourism and leisure economy, rather than being viewed solely through the lens of gambling regulation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, the outlook for recovery is constrained by the government\u2019s decision to maintain its suspension on issuing new online gambling licences until the end of 2028.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of Liechtenstein has been informed of the \u201csteepest contraction\u201d of income generated by casinos across the country. A 2025 annual report of the country\u2019s iGaming market showed that casino GGR declined 59% to CHF57.3m (\u20ac61.5m), down from CHF140.8m (\u20ac151.1m) in 2024 \u2013 wiping CHF83.5m (\u20ac89.6m) from industry revenue in a single year. Liechtenstein\u2019s [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":13599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[8,1],"tags":[16832,16843,50,16831,16836,7760,16838,16833,16834,1443,1441,1442,16835,124],"class_list":["post-13598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino","category-news","tag-alpin-royal-casino","tag-brigitte-haas","tag-casino","tag-casino-admiral-triesen","tag-casino-schaanwald","tag-gambling-act","tag-geldspielgesetz","tag-grand-casino-liechtenstein","tag-hans-adam-ii","tag-ig-volksmeinung","tag-liechtenstein","tag-liechtenstein-casino-association","tag-markus-kaufmann","tag-regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loss of Swiss Players Pushes Liechtenstein Casinos Into Crisis - 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