LeoVegas affects the settlement with Tax Authorities

LeoVegas pays $ 14.9 million for unpaid income tax by Royal Panda Casino acquired in 2017. The settlement with the American tax authorities were described in the quarterly report of the Swedish company.

In the recently published quarterly report for the first quarter of 2022, the Leovegas Group announced that an agreement has been reached with a local tax authorities. Over the period 2015 to 2018, too little tax has been paid by the Scandinavian company. The intention is to repay the amount due this year.

In 2017 nam Leovec The online casino Royal Panda over from the Malta -based Web Investments Limited. $ 60 million was involved in the acquisition and an earn out of another $ 60 million. Due to the remarkable sale, the American owners of Royal Panda were also in the Quote 500.

During the question and answer session after the presentation of the quarterly figures, the management of LeoVegas was asked whether all the conflicts with the tax authorities are out of the world with the settlement. CEO Gustaf Hagman replied that no further payments are open to the American government. He emphasized that it was a case from the past (2015-2018) and that it is now history.

Leovegas and a American license

LeoVegas was active in the Netherlands for years. With the legalization approaching, the company decided to retire briefly in September 2021. This meant a big blow to the turnover, because 7% of the income came from the Netherlands. It was a necessary evil to be able to be eligible for ALS Legal online casino in the Netherlands to operate.

LeoVegas has operated illegally in the Netherlands in recent years. After submitting the permit application, it had to be on the penalty bank for at least half a year. Since the permit has since been applied for, we expect that they will be able to enter the American market again at the end of 2022.