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Wiesbaden’s higher slot machine tax will stay in force after the Hessian Higher Administrative Court in Kassel upheld the city’s move to raise the rate from 5% to 7.5% from 1 January 2024.
According to the court’s statement, the judges rejected challenges from gaming hall operators and said the city’s public decision was legally sound.
The ruling preserved a revenue measure the city says was designed to bring in up to €1 million according to the court’s own summary.
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Bally’s stock jumped 7% in trading on Monday to $9.84. Shares had fallen 30% in the last month in response to uncertainty in Chicago and warnings about the company’s ability to continue as a growing concern in its Q2 earnings report. Former CFO Mira Mircheva resigned on 4 September, prompting Papanier to take over the role on an interim basis.
The VGT dispute and construction reset are the latest chapters in a long and bumpy road for Bally’s since winning Chicago’s sole casino licence in 2022. Work has been halted for debris overflow and for unapproved contractors, and the company faced an $800 million funding gap that was eventually filled through a financing agreement with Gaming and Leisure Properties. Potential interference with city water lines also necessitated a significant redesign of the hotel plan.
At one point, the IGB ordered a temporary work stoppage at Bally’s permanent casino following reports of alleged ties between an unapproved dumpster service with organised crime.
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The proposal does not explicitly prohibit the display of betting brands on team jerseys, but some city councillors want to include this in the bill.
Clubs fear the measure will jeopardise revenue from betting company sponsorships. Corinthians (Esportes da Sorte), Palmeiras (Sportingbet), and São Paulo (Superbet) alone hold contracts worth BRL350 million annually with betting firms.
One concern is the measure might force clubs to host matches outside the city to maintain their advertising agreements.
