Liechtenstein’s casinos lost CHF 83.47 million in 2025 after gross gaming revenue (GGR) plunged 59.28%, from CHF 140.80 million to CHF 57.34 million. Tax revenue fell even more sharply; 61.59%, from CHF 52.81 million to CHF 20.29 million, according to the government’s annual report.
Grand Casino Liechtenstein, in Bendern, retained its market leadership with CHF 22.94 million, despite losing 62.37% and finishing with a 40% market share. Casino Schaanwald, operated by Casinos Austria, generated CHF 13.32 million, down 14.25%; Casino Admiral Ruggell collected CHF 11 million before closing, a 75.33% decline; and Casino Admiral Triesen produced CHF 6.57 million, down 41.84%.
Alpin Royal Casino, in Schaan, was the only winner; revenue increased 43.29% to CHF 3.16 million. LV Casino Eschen recorded just CHF 343,646 before closing on January 29, 2025, while Plaza Casino, operated by BestWin, generated no revenue. Casino Admiral Ruggell ceased operations on September 30. Four properties remained open at year-end; Grand Casino Liechtenstein, Casino Schaanwald, Casino Admiral Triesen and Alpin Royal Casino.
The collapse began after an agreement extending approximately 100,000 player exclusions imposed by Switzerland’s land-based and online casinos to Liechtenstein entered into force on January 7, 2025, removing a critical portion of cross-border traffic.
The market is regulated under the 2010 Gambling Act, or Geldspielgesetz. Supervision falls to the Office of Economic Affairs, led by Katja Gey; Thomas Gstöhl heads gambling supervision, while the Financial Market Authority oversees AML obligations. The responsible minister is Hubert Büchel.
Between 2017 and 2025, casinos generated CHF 771 million in GGR and CHF 282 million in gaming levies. The government projects tax revenue of approximately CHF 20 million in 2026, while online gambling licensing remains suspended until the end of 2028.
