Debts Cleared for JVH Gaming

25 August 2008

According to the Financial Times, Waterland Private Equity, the Dutch private equity group, has helped pay off debts for JVH Gaming, a slot machine distributor in the Netherlands.

The operator of more than 7,000 slot machines ran into trouble when the country’s tax laws changed for gaming companies on July 1.

“It was an extreme case where the profitability of a company was more than halved overnight by this tax change that I think was aimed at simply closing a hole in the budget for the government,” Lex Douze, principal at Waterland, told the paper.

“This company is still profitable,” Mr. Douze continued. “We were interested to stay in this company and continue as an investor, but starting from a lower level.”