Liechtenstein now has a booming gambling industry, with six casinos currently operating in the principality.
Liechtenstein is a German-speaking principality, 15.5 miles long between Austria and Switzerland, known for its medieval castles, alpine scenery and villages connected by a network of paths.
The principality’s capital, Vaduz, a cultural and financial center, is home to the Kunstmuseum Liechtenstein, with galleries of modern and contemporary art.
Liechtenstein is not a member of the European Union (EU), but is part of the European Economic Area, which means it trades freely with all EU member states.
For decades now, Lichtenstein was considered a tax sanctuary, until it relaxed its banking laws in 2013 and joined an international forum to cooperate with international tax authorities.
In 2015, Liechtenstein reached an agreement with the European Union to share information with authorities in Brussels about the accounts of EU citizens held by its banks.
Gambling has only been legal in Liechtenstein since 2017, but the country 1/10 the size of London now has a booming gambling industry, with six casinos currently operating there.
Recently, the local anti-gambling group launched a campaign to ban gambling in Lichtenstein, claiming that the casinos posed “a huge reputational problem” for the country which was in danger of becoming “a casino and poker hot spot in the middle of Europe”.
With casinos generating over $54 million in vital tax revenue for the country by 2022, Liechtenstein’s Prince Hans-Adam II and state government officials strongly opposed the gambling ban.
According to Lichtenstein’s deputy prime minister, Sabine Monauni, banning casino gambling would be “too radical” for the country and that gambling revenue is “important for our budget”.
Yesterday, in a national referendum, Liechtenstein voters defeated a measure to ban casinos in the country, with 73% of voters rejecting the ban and only 27% supporting it.
According to official data from the country’s government, nearly 70% of the principality’s 40,000 citizens participated in the vote.
