Schleswig-Holstein Selling Off Casinos

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German state looking to privatize its five casinos

The five casinos owned by the German state of Schleswig-Holstein are being sold off.

The state finance ministry has begun a Europe-wide bidding process for the casinos in Kiel, Flensburg, Schenefeld, Lubeck-Travemunde and Westerland, reports news website Welt Online.

Bidders can apply for one or more of the casinos separately or for the company Spielbank Schleswig-Holstein GmbH, which owns all five properties.

At the start of November, the ruling CDU/FDP coalition presented a bill to privatize the casinos, which the state legislature is expected to vote on in March.

The vote is important, as under current law, outside companies would not be able to own the casinos.

Future operators will be required to maintain the existing program measures designed to prevent compulsive gambling. Operators will also need to guarantee the 250 jobs which the casinos together provide.

The finance ministry is selling the casinos in the hopes of improving their results, which are down almost 50 percent since 2007.