When Liechtenstein liberalized its casino market in 2010 under the new Gambling Act, the small Alpine state quickly became a hotspot for gaming. Within just a few years, several casinos opened their doors, attracting visitors from Switzerland and abroad. What started as a boom has now turned into the industry’s deepest crisis.
The turning point came on 7 January 2025, when Liechtenstein and Switzerland began sharing exclusion lists for problem gamblers. Anyone banned in Zurich, Basel or Bern is now also barred from playing in Vaduz or Ruggell – and vice versa. While intended as a measure to protect vulnerable players, the new regulation hit casino operators hard. Overnight, visitor numbers plummeted and revenues collapsed. Instead of the 30 percent decline expected by policymakers, the industry reported losses of up to 85 percent.
The consequences are already visible. LV Casino in Eschen closed down at the beginning of the year, and more locations are under severe pressure. The long-established Admiral Casino in Ruggell will also shut its doors at the end of September. ISA-GUIDE has already reported on the closure of Admiral Ruggell.
“It was completely unrealistic to assume that the exclusion lists would have little impact,” said LCA President Markus Kaufmann. “Many of our guests came from Switzerland – and that foundation is now gone.” Only in 2023, the population had overwhelmingly rejected a casino ban in a referendum, with more than 73 percent voting in favor of keeping the industry. Confidence in the future seemed strong – until reality set in.
At its peak, Liechtenstein’s casino landscape counted nearly ten venues. Today, that number could be cut in half within months. For the country, this not only means a loss of jobs, but also declining tax revenues. At the same time, the political debate over the right balance between player protection and economic viability is intensifying.
Whether and how the market will recover remains uncertain. One thing is clear: without new concepts – from tourism diversification to technological innovation or adapted regulation – the principality risks falling from “casino boomland” to a cautionary tale. For the international gaming industry, Liechtenstein is becoming a case study of how quickly a liberalized market can collapse when player protection collides with a fragile business model.
Quelle: ISA-Guide Redaktion