Casinos Austria Posts Record Gross Gaming Revenue in FY23
Date: 2024-03-23 Author: Dima Zakharov Categories: CASINO
Lottery Segment Boosts Casinos Austria's Revenue
Casinos Austria witnessed a remarkable surge in its gross gaming revenue (GGR) for the financial year 2023, reaching a staggering €1.48 billion. This marked a substantial increase of 4.4% compared to the previous year. The notable growth was largely fueled by the performance of its lottery segment, which emerged as the primary contributor.
Lottery Dominance in FY23
In 2023, the lottery segment exhibited a notable growth in GGR, registering a 1.5% increase to €946.8 million. Within the Casinos Austria division, GGR soared by 15.8% to €304.5 million, while Casinos Austria International contributed €212.1 million.
Strong Financial Performance
The consolidated profit for the year amounted to €182.8 million, reflecting a remarkable 18.3% increase. Despite challenges posed by the Covid-19 pandemic, the company's chief financial officer, Martin Škopek, attributed the success to a robust realignment strategy initiated in 2020.
Cost Reduction Measures
The restructuring plan, implemented in July 2020, aimed to streamline operations and reduce costs by over €40 million. This included significant cuts in employee headcount, with potential redundancies affecting up to 500 employees.
Future Outlook and Licensing Compliance
Looking ahead, Erwin van Lambaart, CEO of Casinos Austria, expressed confidence in the company's future prospects. He highlighted plans for a new tender process to regain licensing compliance in Austria, emphasizing the company's commitment to maintaining its leading position in the industry.
Uncertain Licenses Future
Casinos Austria currently operates on licenses set to expire in 2027 and 2030, with the timeline for the new tender process remaining unclear. However, the company remains optimistic about its ability to secure licenses and continue its successful trajectory in the gaming sector.
