Belgium – Casinos Austria defends internal restructuringBy Phil - 27 September 2013
The Grand Casino Brussels has stated that the internal restructuring undergone by its owners; Casinos Austria International Holding was carried out ‘in full transparency and cooperation with all parties concerned, in accordance with the regulations applicable to operators of gambling in Belgium.’
In May all the activities of the operating company CAIH were transferred to a different company; Casinos Austria International Belgium. The operator has been accused in the local media of trying to ‘evade the rules of credit applicable to companies wishing to operate casinos.’ The Brussels public prosecutor subsequently opened an investigation after receiving a record of the move from the Commission of gambling.
Officials from Grand Casino Brussels said: “Casinos Austria International Holding is a gaming operator renowned for its integrity and reliability for which it is recognised around the world.”
According to the operator, with net assets amounting to €141m, CAIH has the financial capacity that allows it to meet stipulations ‘to achieve a solvency ratio of 40 per cent for licensees A + , namely the protection of payments players.”
“Following internal restructuring undertaken by CAIH the solvency test as calculated based on the formula established by the regulatory authority can be achieved. This restructuring in no way affect the financial capacity of Casino Brussels,” the casino’s statement added.