Casino St. Moritz confirms it has shut its doors
Casino St. Moritz, once the jewel in the Swiss Alps, lying at an altitude of 1,850 meters, making it the highest casino in Switzerland, has closed its doors.
The casino’s main shareholder, Casinos Austria International, has pulled out of the project, prompting the Swiss Federal Gaming Board to withdraw the operating licence. The casino offered a full range of table games and 65 slot machines with Swiss Jackpot, Eagle Jackpot, Alpine Jackpot.
Basic economics was the main reason for the investor’s withdrawal, as announced by the Commission (SFGB). As the shareholder is not injecting any further funds, the legal requirements for the license are no longer met for the entire operating period. According to the SFGB, the regulations include sufficient equity capital. Before withdrawing the license, the Gaming Board will give Casino St. Moritz the chance to be heard.
The Federal Gaming Commission (FGC) said: “Casino St. Moritz AG has informed the FGC that, for economic reasons, its majority shareholder does not wish to invest further financial resources. The casino’s operations are therefore ceasing today. The legal requirements for granting a concession, such as having sufficient financial resources of its own, must be met throughout the duration of the concession. If this is no longer the case, the FGC must withdraw the concession from the casino in question.”
The Commission is currently considering how to proceed with casino operations in the southern Grisons zone and plans to submit proposals to the Federal Council.
In March this year, Casinos Austria’s General Director Erwin van Lambaart warned that the tax plans of the new Austrian government would leave the company’s smaller, domestic casinos exposed to the risk of going out of business. He highlighted that in Austria, casinos in Zell am See, Kitzbühel, Seefeld, Kleinwalsertal and Velden could be closed.
