Casinos in Switzerland are finally feeling the crunch of the Euro crisis. Ticino is especially feeling the pressure of the crisis, as it resides near the border between Switzerland and Italy and is home to the biggest concentration of casino gambling establishments in Europe.
It is estimated that over the past years, Swiss casinos have lost at least 40% of their gross gaming profits. This giant reduction in revenue is believed to be the combined result of the recent smoking ban in casinos, video lotteries being introduced in Italy and the current economic predicament.
Another major issue is that while suppliers and employees of the casinos are paid in Swiss Francs (Switzerland’s currency), the vast majority of the players play the casino games with Euros. This is a problem considering the Euro has lost about 25% of its total value since the beginning of 2010. Thus, major changes will soon have to be made in the casinos if profits do not soon improve.