Swiss Player Bans Reshape Liechtenstein’s Casino Market
Revenue from the casino industry in the country amounted to CHF57.3 million for gross gaming revenue in 2025. This was lower compared to CHF140.8 million a year before that, making the sector experience a decline of 59.3%, with CHF83.5 million being wiped from annual revenue.
What Revenue Loss Suggests
The numbers depict the extent to which Liechtenstein’s gambling houses were relying on visitors coming from Switzerland. For a long time, this tiny state managed to combine its tiny domestic population with an unusually high concentration of casinos relative to its population. The system functioned successfully until gambling bans started following travelers across the border.
The agreement took effect on January 7, 2025. Casinos in both countries must recognize and apply gambling exclusions issued on either side of the border.
Operators Absorb Uneven Losses
As for performance by casino, the breakdown looks as follows:
- Grand Casino Liechtenstein maintained its status as the biggest casino in the country, although revenue slid by 62.4% to CHF22.9 million;
- Casino Schaanwald recorded the smallest decline among the established venues. The GGR decreased by 14.3% to CHF13.3 million, which was significantly less than in most of its competitors;
- Admiral Ruggell was the worst affected of the bigger casinos. Revenue fell by 75.3% to CHF11 million before the casino ceased operations on September 30;
- Admiral Triesen stayed open after reporting CHF6.6 million, down 41.8%.
In contrast with other operators, one casino posted growth. Alpin Royal Casino reported an increase of 43.3% to CHF3.2 million. This growth was from a very low base and could not provide much comfort to the industry as a whole.
LV Investments generated CHF343,646 before ceasing gaming operations on January 29, 2025. By the end of the year, only four casinos were operational.
Public Revenue Takes a Second Hit
The casino downturn also affected Liechtenstein’s public finances. Casino gambling levies fell from CHF52.8 million in 2024 to CHF20.3 million in 2025. The year-on-year loss was CHF32.5 million, or 61.6%.
This development alters the balance of politics related to gambling. In January 2023, 73.3% of voters rejected a constitutional initiative that sought to ban casinos. The immediate danger now is economic rather than the possibility of another vote.
Online gambling is unlikely to provide a near-term replacement for the land-based market. The government has extended its moratorium on online gambling until the end of 2028.
Final Thoughts
The remaining operators have to deal with a smaller and more uncertain market. Although cost reductions might help keep individual venues open, restoring the customer flow that generated revenue at previous levels would be harder. If the cross-border rules remain unchanged, 2025 will probably be recalled as the year when Liechtenstein’s casino industry shifted from growth to consolidation.