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Liechtenstein’s Casino Industry in Crisis: LV Casino Closes Amid Blacklist Exchange with Switzerland

Published date: 2025-02-04

Liechtenstein’s casino industry is facing a severe downturn following the implementation of a blacklist exchange with Switzerland on January 7, 2025. The LV Casino in Eschen has been the first major casualty, shutting its doors permanently on January 29, as revenues across the industry plummet by up to 85%.

The blacklist agreement bans players excluded in either country from gambling in both. However, critics argue that this policy unfairly benefits Swiss casinos while crippling Liechtenstein’s gaming sector. Meanwhile, affected gamblers can still visit casinos in Germany, leading to claims that the measures do not effectively combat problem gambling but instead redirect players elsewhere.

LV Casino, which opened in July 2023, initially aimed to tap into Liechtenstein’s thriving gaming market with 195 slot machines and a diverse range of table games. However, financial struggles and the blacklist’s impact forced its owners to file for bankruptcy after failed investment negotiations.

Liechtenstein says YES to casinos, supply is greater than demand

The Liechtenstein Casino Association (LCA) has issued urgent calls for the government to reconsider its approach. LCA President Markus Kaufmann and Vice President Philipp Nossek warned: "The government expected a 30% drop in gaming revenues, but within two weeks, the actual decline reached 85%. This is unsustainable. If urgent action is not taken, Liechtenstein risks losing its €50 million annual gambling tax revenue, with further casino closures imminent."

The crisis raises broader concerns about Liechtenstein’s future as a gambling hub. The country previously benefited from a liberal regulatory framework, attracting significant international investment. However, with restrictive measures now in place, stakeholders warn that Liechtenstein could become a non-viable market for the casino industry.

Swiss casinos are required by law to exclude players who exhibit signs of gambling addiction, gamble beyond their financial means, or refuse to disclose their financial status. The same protocols apply to individuals who voluntarily ban themselves or are reported by concerned family members.

Casino operators and business leaders are pressing the government to revise the blacklist policy, arguing that an alternative approach—such as player monitoring and harm reduction programs—could balance consumer protection with economic sustainability.

The coming weeks will be crucial in determining whether Liechtenstein reconsiders its stance or allows its once-thriving casino industry to collapse. With thousands of jobs at stake, the pressure is mounting for authorities to find a solution before further economic damage ensues.

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