TLDR
- Liechtenstein casino revenue dropped 59% in 2025, falling to CHF57.3 million
- New Swiss self-exclusion rules blocked around 10,000 regular players from local casinos
- Casino tax income fell 63% to CHF20.3 million for the government
- Two casinos closed and only four venues remain open as of July 2026
- Industry leaders call the current market conditions unsustainable
Liechtenstein’s casino industry recorded its worst year on file in 2025. Gross gaming revenue across the country fell to CHF57.3 million, down from CHF140.8 million the year before.
That is a drop of 59%. It erased CHF83.5 million in revenue in a single year.
The main cause was a cross-border rule change. In January 2025, an agreement added around 10,000 Swiss self-exclusion orders to Liechtenstein casinos.
Self-exclusion lets people ban themselves from gambling venues. The new rule meant Swiss players already excluded at home could no longer visit casinos across the border either.
Many Liechtenstein casinos depended heavily on Swiss customers. Once that customer base shrank, revenue at almost every venue fell.
How Individual Casinos Were Affected
Grand Casino Liechtenstein stayed the market leader with CHF22.9 million in revenue. Even so, its income dropped 62.4% compared to the previous year.
Casino Schaanwald had a smaller decline of 14.3%, bringing its revenue to CHF13.3 million. It performed better than most of its competitors.
Other casinos struggled more. Casino Admiral Ruggell brought in CHF11 million before it closed in September, after a 75.3% drop in revenue.
Casino Admiral Triesen posted CHF6.6 million, a decline of 41.8%. Only one casino grew during the year.
Alpin Royal Casino in Schaan increased its revenue by 43.3% to CHF3.2 million. That gain came from a small starting base and did not offset losses elsewhere.
Falling Tax Income and Closures
The downturn also hit government finances. Direct casino tax revenue dropped 63% to CHF20.3 million, compared to CHF52.8 million the year before.
Two casinos shut down during the period. LV Casino Eschen closed in January 2026 after earning only CHF344,000 in revenue.
Plaza Casino reported no gaming revenue at all during the year. By July 2026, only four casinos were still operating in the country.
These were Grand Casino Liechtenstein, Casino Schaanwald, Casino Admiral Triesen, and Alpin Royal Casino. The market has shrunk from a much larger list of operators in recent years.
Between 2017 and 2025, Liechtenstein casinos generated CHF771 million in total revenue. Over that same period, they paid CHF282 million in gambling taxes to the state.
The current downturn stands in sharp contrast to that earlier growth. It marks one of the fastest declines the sector has seen.
Liechtenstein has debated its casino industry before. In 2023, voters rejected a proposal to ban land-based casinos, with 73% voting against it.
Casino Association President Markus Kaufmann has called the current situation economically unsustainable. He has asked the government to treat casinos as part of the tourism industry, not just gambling businesses.
For now, no new online gambling licenses will be issued. The government has extended that suspension until the end of 2028.
The casino industry is left adjusting to fewer venues and fewer customers. Its business model has changed quickly, and operators are still working out how to respond.
