- Swiss Federation of Casinos releases year-on-year profit increases for 2016
- Rise in profit is the first in a number of years, and comes from land-based casinos
The Swiss Federation of Casinos (SFC) has announced that gaming venues in the country achieved a year-on-year increase in profit in 2016 for the first time in nearly a decade.
It is reported that land-based casinos made an overall gross profit of CHF689m ($711 million) last year, which represents an increase of 1.2% from the previous year.
First increase since 2007
The figures show the first year-on-year increase in profit of casinos in the nation since 2007, with a total of 21 casinos reporting they have boosted their profit.
However, despite the figures showing a much-needed positive sign for gambling venues in Switzerland, profits have still not risen back to the high levels they were at when gambling was first legalised in the country in 2004.
Gambling profit in Switzerland is largely dependent on its land-based casinos as online casinos are not yet legalised in the country. However, steps are currently being made towards online casino legalization with legislation recently being passed that gives local casino operators in Switzerland the right to launch and run internet gambling websites.
Online casinos to follow
The expected legalisation of online gambling in the country will likely provide a further welcome boost in gambling profits, easing the reliance on land based gaming venues.
Despite casinos in Switzerland looking like they are now finally on the up again, the small increase in profit for the first time in seven years means this will likely be seen as just a first step to consistently increasing the amount of money made at the land based venues.
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