Liechtenstein casino revenues plunged 59% in 2025 as Swiss blockade bites
2026-07-23
Source: iGaming Expert
Liechtenstein's casino GGR plunged 59% to CHF57.3m in 2025, driven by a Swiss self-exclusion blockade, tax receipts fell 63%, and only four casinos remain operational as the industry faces an uncertain future under a suspended online licence regime.
Liechtenstein's casino sector has suffered a historic collapse, with gross gaming revenue (GGR) falling 59% year-on-year to CHF57.3m (€61.5m) in 2025, down from CHF140.8m (€151.1m) in 2024 – a loss of CHF83.5m (€89.6m) in a single year. The government has been alerted to what a new annual report describes as the steepest contraction in the industry's history.
Operator performance and market shakeout
Grand Casino Liechtenstein retained its position as market leader with GGR of CHF22.9m (€24.6m) and a 40% share, though its revenue crashed by 62.4% year-on-year. Casino Schaanwald, run by Casinos Austria, proved the most resilient among the larger venues, posting GGR of CHF13.3m (€14.3m) – a comparatively modest 14.3% decline.
Elsewhere, the downturn forced multiple closures. Casino Admiral Ruggell generated CHF11m (€11.8m) before shutting on 30 September 2025, with revenues plummeting 75.3%. Casino Admiral Triesen reported GGR of CHF6.6m (€7.1m), down 41.8%. The only operator to buck the trend was Alpin Royal Casino in Schaan, whose revenue climbed 43.3% to CHF3.2m (€3.4m), albeit from a much smaller base.
Tax receipts and fiscal impact
Direct casino tax revenues have fallen even more sharply, dropping 63% to CHF20.3m (€21.8m) from CHF52.8m (€56.7m), delivering a severe blow to public finances. The 2010 Gambling Act governs the sector, with oversight split between the Office of Economic Affairs (regulation) and the Financial Market Authority (anti-money laundering).
Cross-border self-exclusion and closures
The market's woes intensified after a January 2025 agreement with Switzerland added 10,000 Swiss casino self-exclusion orders to Liechtenstein venues, effectively cutting off a large portion of the cross-border customer base on which the industry had become heavily dependent. The fallout continued into 2026: LV Casino Eschen closed in January after generating just CHF344,000 (€369,000) in revenue, and Plaza Casino (operated by BestWin) recorded no gaming revenue at all in 2025. As of July 2026, only four casinos remain operational: Grand Casino Liechtenstein, Casino Schaanwald, Casino Admiral Triesen and Alpin Royal Casino.
Political tensions and referendum history
Between 2017 and 2025, Liechtenstein's casinos produced CHF771m (€827m) in GGR and contributed CHF282m (€302m) in state levies, but the density of venues had become a politically sensitive issue. In 2023, citizens' action group IG Volksmeinung secured a referendum that would have banned land-based casinos and ended the country's reputation as the "Las Vegas of the Alps." The proposal was rejected by 73% of voters, including Head of State Prince Hans Adam II, who argued that a total ban was too extreme but acknowledged the need to address public concerns about the prevalence of casinos.
Industry plea and regulatory outlook
Markus Kaufmann, President of the Liechtenstein Casino Association, called the current conditions "unsustainable" and urged Prime Minister Brigitte Haas to intervene with measures to support the sector's economic viability. He argued that casinos should be recognised as "strategic contributors to the principality’s tourism and leisure economy," rather than viewed purely through a gambling-regulation lens.
Looking ahead, any recovery is constrained by the government's decision to maintain a suspension on new online gambling licences until at least the end of 2028.