Liechtenstein, famous for its alpine scenery and castles, is also noted for a more down-to-earth tourist attraction, casinos.
Six currently operate in the microstate of just 40,000 people, earning it the nickname "Las Vegas of the Alps" among gamblers, who flock from neighboring Germany, Switzerland and Austria to try their luck.
Open since 2017 following a change in the law that legalized gambling, they will all have to close if supporters of the casino ban put to a referendum on January 29 get their way.
Casinos generated 50 million Swiss francs (50.4 million euros) in taxes in Liechtenstein in 2022. "Without a doubt, these are revenues that are also relevant to our budget," said Sabine Monauni, Liechtenstein's deputy head of government, who encouraged people to vote against banning casino activity.
Critics say the gambling industry risks damaging the reputation of the country, which was on an international blacklist of tax havens until it began relaxing bank secrecy laws more than a decade ago. The referendum, and the signatures needed to make it possible, were launched by the IG VolksMeinung lobby group, which says it is fighting the "casino deluge."
“We don't want to establish ourselves as a beacon for casinos and poker in the center of Europe,” said one of its members, Guido Meier, during a debate on the referendum. "It's a big reputation problem," he said. If the ban wins in the referendum, the casinos must close within five years.
Major international gaming operators are behind some of Liechtenstein's casinos, including Austria's Novomatic AG, whose sister company Gryphon Invest AG indirectly owns majority stakes in half of the principality's gambling houses.
"We hope voters will heed the advice of both major parties, as well as the economic chamber and other institutions, and recognize that a well-regulated market is better than an outright ban," Gryphon told Reuters in a statement.
“What we are doing is in accordance with the law and in some cases even exceeds the level required by law,” said Liechtenstein Casino Association President and Grand Casino Director Reinhard Fischer, refuting the claim. Argument that the sector represents a threat to the country's reputation.
