Home of Gaming Excellence Great Places to Work Famous for its 7,year history and days of sunshine, Malta has emerged as one of the most remarkable success stories in the Eurozone.
Recognised for its pro-business attitude, state-ofthe-art infrastructure and modest costs of doing business, it has become the goto country for growth-minded entrepreneurs and multinational companies.
The Maltese Islands were, just a decade ago, best known as a holiday destination. Where Big Players Meet Game Changers Malta is set to disrupt the status quo with a brand-new regulatory framework, while positioning itself as a thought-leader on topics such as cryptocurrencies, blockchain and skill gaming.
With the advent of the New Gaming Act in , Malta will be the place to be. Already home to gaming companies, Malta will be even more attractive for companies to establish themselves in, mostly due to the streamlined B2C and B2B licensing framework which shall make the time-tomarket really short for those B2C operators seeking to offer games from B2B providers.
The island is the birthplace of regulated online gaming and nowhere has iGaming taken off as briskly and been as rapidly embraced as it has in Malta.
An ambitious agenda for regulatory reform was set up three years ago, and has been the road map for this journey. The aim was to simplify and streamline processes and avoid duplication, as well as to create a framework that can cater for any future forms of gaming.
While the pace of this transformation had been slower than many had hoped, with the draft law still awaiting parliamentary approval, the new rulebook will most likely come into play in July Blazing a new trail, Malta, unlike many other countries that sought to protect their monopolies, allowed commercial operators to set up and enter the gaming market, with the first online betting businesses established under the Public Lotto Ordinance in The government quickly recognised the need for a dedicated regulatory framework; set up a regulatory authority for this young industry and released the Remote Gaming Regulations in , just before Malta joined the European Union.
This move gave licensees the added benefit of being located in and regulated by a jurisdiction that forms part of the largest single market in the world.
In spite of its modest size and numbers — the island is just over square kilometres in area and is home to , people — Malta has emerged as a leading iGaming hub.
No country has welcomed gaming companies as warmly as Malta. As the first EU country to license online gaming, Malta can look back at almost two decades of growth in the iGaming sector.
Over this time the island gained the best understanding of the environment iGaming companies need to flourish and be successful. The first online gaming businesses arrived on the island in the late s, well before.
Malta is now widely regarded as the most prestigious address for gaming operators. In total, some companies hold licences from the MGA for online offerings such as casino-style games, lotteries or sportsbooks.
With consolidation in the iGaming industry now moving at a faster and more discernable pace, much of which is being driven by Maltese licensed operators, the island is quietly becoming home to the largest and most powerful operators in the business.
Freshly minted, having sold their companies, this next generation of gaming executives and founders are themselves funding promising. There is also a new army of start-ups emerging from the gaming giants, having cut their teeth working for the bigger companies.
These start-ups are hoping to make a big splash, and some are already being looked at as acquisition targets by the more established outfits.
Malta has also attracted the attention of high-growth groups in the supplier and affiliate segments. The presence of data centres, online payment processors, security auditors, gaming software developers, and platform providers contributes to a tailor-made environment that is conducive to growing a successful business.
The island also boasts technical expertise to support critical operations in areas such as search engine optimisation and affiliate management companies, with experienced consultants always on hand.
Brexit Opportunity Service providers report that many companies are currently analysing the option of setting up in Malta as they finalise their contingency plans to deal with Brexit.
In addition, legal uncertainty in many European countries and a fragmented regulatory landscape have led to a surge in interest from both EU multi-licensed operators, as well as non-EU companies that are looking at Europe as the next frontier for growth.
The Maltese licence is the only licence in the EU that does not restrict the licensees to the particular jurisdiction of the licence, which gives iGaming companies the opportunity to exploit white and grey areas in the rest of the world.
Many of them service licence application in other countries than Malta and offer multi-jurisdictional support on a wide range of issues.
Game-changing Reforms Despite all the success, Malta realised that it would need to continue to evolve if it wants to remain relevant as a jurisdiction.
The iGaming industry is today facing technological disruption and change like never before. The increasingly maturing industry demands smoother processes, as well as better regulation for new forms of gaming.
Hence, some three years ago, the MGA initiated a process to develop next generation legislation, including a complete regulatory overhaul to streamline, consolidate and futureproof all gaming sectors under one legislative umbrella.
Eliminating unnecessary bureaucracy, simplifying pre- and post-licensing processes, and speeding up time to market for operators are some of the key changes in the pipeline.
The new Gaming Act is expected to enter into force in July after making its way through the Maltese Parliament.
One of the major changes will be the introduction of only two different licences: A new set of licence fees and compliance contributions are also being introduced.
Another change will be that licences issued by the MGA will no longer be valid for a 5-year period, but instead for a 10 year-period.
Malta has access to an educated, dedicated and multilingual workforce that is instrumental to the companies in the iGaming industry.
Kris Deyanov Head of Business Development - MiFinity UK Ltd Malta, having been involved in the iGaming industry since , is today a leading jurisdiction, which keeps attracting international companies to set up or relocate to the island.
Further, the island has the relevant resources, legislation, know-how and infrastructure to support iGaming businesses with their operations, including a mix of both commercial and residential property within prime and key locations.
When the iGaming industry started to move towards skill-based games, including Daily Fantasy Sports, Malta saw a new opportunity in regulating this emerging industry segment.
A new skill games licence was singled out as a top priority and introduced in January , ahead of the new regulatory package.
A year later, Malta has already handed out skill game licences to more than 15 companies. The island is now looking into the potential of cryptocurrencies and blockchain technologies.
Initially, Malta was reluctant to accept, and possibly regulate cryptocurrencies. However, the MGA made a U-turn and committed to introducing a sandbox live environment for cryptocurrency usage, while also drafting guiding principles for the application of Distributed Ledger Technologies and its various adaptations.
Many within the industry believe that Malta could reap multiple first-mover advantages by paving the way for digital currencies, crypto-banks and blockchain technology in general, which is being seen as a key tool for information and business process sharing in a wide range of industries.
New Talent Pathways Attracting and retaining the best people is a top priority for many iGaming companies at the moment. There are signs of a strain in the talent pool given that the industry often requires specialist knowledge that cannot be sourced locally.
Today, two-thirds of those employed in the sector are foreign expats. Efforts to attract the best and the brightest include: However, a fresh approach to recruiting and developing future talent is required.
Malta must produce more home-grown talent who are fit-for-employment in the sector to ensure. As a short-term measure, upskilling initiatives are being put in place.
EGIM seeks to provide training and development opportunities for non-experienced personnel wanting to join the gaming industry.
Industry Challenges The negative outlook of the international banking sector on gaming continues to present one of the biggest challenges to gaming companies in Malta.
There are only a handful of banks servicing the sector. Many companies have grown significantly in size and scope, and are today listed on major stock exchanges around the world.
This has resulted in a desire to show a high level of corporate governance. Slots will continue to dominate the market with the focus on sharing.
This is why a large part of our production aims to provide the social experience through multiplayer slots. In my opinion flexibility, tenacity and a drive for quality are what separate the successful from the rest.
It will be an exciting for gaming companies licensed or applying for a licence in Malta, in light of the announced overhaul of the gaming regulation.
The three key objectives for this year should be compliance, innovation and adaptability to change. Companies should see this as an opportunity, not as a challenge.
The power of rapid scaling is a huge competitive advantage for companies setting up in Malta, which is positioning itself as a key innovation hub for the sector.
The start-up and creative culture is being channelled into a vast array of products and services such as analytical tools, games development, fantasy sports and eSports.
Meanwhile others are developing products in areas such as virtual and augmented reality, cloud platforms based on artificial intelligence; as well as new and innovative payment forms.
Technology and service innovation go hand-inhand, and the island is carving out a niche for services that are not on offer in other iGaming jurisdictions: Malta can be a disaster recovery site, a base for payment companies and back office activities.
The competitive pressures of recent years have seen the customer service function become more important when it comes to player acquisition and retention.
There is a strong case this trend will continue, and Malta is expected to benefit. GamingMalta, an independent non-profit foundation tasked with promoting Malta as a gaming centre, offers incoming and established companies many helping hands with setting up and operating from the island.
Infrastructure Investment Ultimately, the aim is to make Malta a centre of excellence for gaming-related companies, where executive decisions are made that drive global gaming businesses and where start-ups and innovative ideas are nurtured.
Most iGaming companies choose to locate in Sliema and St. The high demand has driven up rent for both offices and apartments.
Investment in highquality office space in other localities, coupled with improvements in transport and road infrastructure, would enable the sector to grow out of its traditional hotspots and spread across the island.
It is home to CEOs and start-up founders, investors, support professionals and entrepreneurial talent. This includes the availability of cross-sectorial talent, the depth and breadth of industry clusters, good air transport links and ICT infrastructure, as well as a reputation as a good place to live.
Malta has the opportunity to be a truly global centre for the gaming industry, similar to what New York, Hong Kong and London are to the finance industry.
The gaming industry in global terms is still in its infancy and expected to expand significantly in the coming years.
Accelerating growth in the gaming sector by creating a dynamic marketing mechanism anticipating market changes. Engaging with stakeholders and providing business support to ensure that Malta is the most attractive environment for the gaming industry to thrive.
Standing out through innovative ideas and leading the iGaming industry through research and promotion of the Maltese jurisdiction so as to be a proactive, dynamic catalyst for change.
Supporting the MGA in implementing the brand strategy and road map development for the gaming industry. Bringing stakeholders together — ensuring close cooperation while creating business and networking opportunities for firms working in the sector.
Malta offers iGaming companies a plug-and-play environment, says Ivan Filletti of the GamingMalta Foundation, whose main aim is to ensure that Malta remains attractive to digital and gaming companies.
What do iGaming companies typically highlight as main advantages of operating in and out of Malta? A richly networked and growing ecosystem which lends itself to creating new opportunities for growth and innovation, complemented by a forward-looking and responsive Malta Gaming Authority MGA that embraces new business models.
Malta is increasingly one of the most advanced and respected online gaming jurisdictions in the world, as well as having the most licensed operators.
We want to keep it that way and continue to narrate this success story. Coupled with this, business gets done here. Malta is also the place where ingenuity and determination pay off.
You come, you settle, you succeed. Connecting with like-minded individuals is of paramount importance. Our strong economy, EU member state credentials and resources, people and culture, as well as a strong presence of B2B and B2C companies and an affiliate cluster, give any operator an immediate plug into the gaming sector.
To this, add the lifestyle on this sunny Mediterranean island, which is something special. What is GamingMalta doing to improve Malta as a gaming jurisdiction and how are you assisting companies on the island?
We are there to engage with all the key stakeholders and ensure we connect with the different parts of the ecosystem to promote, strengthen and accelerate the growth across all gaming sectors.
Tangibly we do this by working closely with the public sector, for example with Identity Malta, where we facilitate the service given to iGaming companies and incoming talent.
We also hold Identity Malta outreach programmes at our offices in Smart City, which have been met very positively by the sector.
These outreach programmes also extend to us visiting gaming companies to address their employees and also hear their feedback about the jurisdiction.
Joining and connecting the dots within the ecosystem is a vital component of our game. Our networking events and international roadshows serve as a platform for this.
These also help to attract investors to the iGaming industry. We are increasingly reaching out to other non-gaming channels.
Many people are not aware of the skills that are required to work in the industry. This is to become a must-attend event in the global Daily Fantasy Sports calendar, and we are looking into more sectoral events being organised on this front.
We support many initiatives on other fronts, including poker and eSports tournaments. We also support and promote start-up events on our international roadshows and ensure that start-up founders are given a platform to present their new business models.
Taking into consideration the entire gaming industry, what segments could be developed further in Malta? Remote gaming is only a part of this marvelous world of gaming.
By , eSports will be a billion-dollar industry, and Malta has a lot to offer in this respect. We already have successful video gaming companies based here, and we want to ensure that structures are built to give further and sustainable impetus to this sector.
This is all boils down to a talent game. We want to work closely with the sector in order to attract key talent to Malta. We will be intensifying our efforts in all these areas while ensuring that we consolidate and support organic growth of the remote gaming sector.
Malta offers the complete gaming ecosystem. We have the resources, people and culture to give iGaming professionals and entrepreneurs the opportunity to connect with like-minded individuals where business gets done.
Attracting foreign workers is key to our future, and we want to smoothen the process for anyone looking at taking up a position in Malta. We are committed to addressing the skills mismatch and strengthening the iGaming industry.
A brand-new Gaming Act will enter into force in , which will eliminate unnecessary bureaucracy, simplify licensing processes and speed up time-tomarket for operators.
Malta has seen licensed operators reach record numbers, and we continue to attract operators from all over the world.
Our island is experiencing significant growth and continues to attract foreign gaming companies, but we can only stay on this successful path if we embrace new technologies and gaming activities, such as Daily Fantasy Sports, eSports and video gaming.
Gaming is unquestionably a key contributor to our economic growth. Not only are gaming companies net contributors to Malta in terms of revenues, but there are also strong economic multiplier effects from expatriate workers relocating to Malta.
We are acknowledging trends in the field of cryptocurrencies by allowing the use of virtual currencies in the industry within a sandbox environment.
I would like to put Malta on the international map as a blockchain hub; my wish is to create an entire new industry based on blockchain technologies and attract innovative start-ups.
We are willing to throw our doors wide open to help companies develop new solutions. We wanted to position Malta, and in particular the MGA, as a thought-leader in regulating the gaming industry, and I think today we are being perceived as such.
We have built up a reputation for working with the industry, rather than against it wherever possible, and this in itself makes us an attractive hub for gaming companies.
Today Malta is synonymous with a thriving gaming media. More than knowledge and worse, misinformation. We are still seeing huge never stands laundering, we closely collaborate with the interest in the sector; this points to a successful Financial Intelligence Analysis Unit FIAU , the In fact, we in Malta, given that our new legislative package do we as a usually get criticised due to the amount of will finally enter into force once it goes through information that we request from operators.
Our the parliamentary process. I am not saying that all our processes drivers of this recent growth? I in this sector. Our framework was designed to make Malta a remote gaming hub of repute.
We have put a lot of am a firm believer in regulation, and I think it is counterproductive effort into promoting Malta internationally, while endorsing and to criminalise an industry as it will only drive it underground.
Furthermore, Malta today Can you tell us more about the new Gaming Act? However, more important than the legacy has been the work past three to four years.
In , we published the white paper that we have carried out during the past four years. The fact proposing the changes, and the feedback we received from the that we set out to develop a new Gaming Act sent a very clear industry was extremely positive.
The legislation is currently message that Malta is a forward-looking jurisdiction, eyeing the going through the parliamentary process, and the new Gaming next generation of games and gaming operators.
This has helped Act should become effective from 1st July I am aware that to attract new companies and provided certainty to existing many within the industry think it took quite long to come up with licensees who expanded their operations in Malta.
We also this new legislation, but we really wanted to make sure that our looked at new products, with the introduction of our controlled new framework, which also includes the subsidiary legislation skill games regulation in — the first in the European Union under this new Act, is robust, innovative and able to future-proof catering for daily fantasy sports and other forms of controlled the jurisdiction, which is facing ever-increasing technological skill games.
This led to a surge in interest. To date, we have issued disruption. We have also ensured that organisationally there more than 15 licences for this emerging sector.
The industry would be the necessary skill and resources to implement and never stands still, and neither do we as a regulator.
In , we transition the licensed industry players into this new framework, started licensing betting on lotteries as a gaming activity.
I think the new Gaming Act will reposition Malta as the most innovative jurisdiction. We are proposing a two-tiered licensing structure: This regime will oversee both physical and online gaming activities.
Another major change will be the shift from prescriptive to risk-based instruments and controls; underpinned by a set of principles and policy objectives that will provide the MGA with the necessary powers to regulate gaming activities.
As much as possible, we want to avoid the duplication of regulatory and administrative requirements that have already been met; this will speed up the time it takes new products to market.
For instance, the new regime will be technology neutral, meaning that we recognise that a game can be provided through different channels, including desktop, mobile and tablet.
We are also looking at extending the licence period from five to ten years and proposing a new tax and administrative fee structure.
B2B licensees will be exempted from gaming tax, and we are envisaging that this will make Malta more competitive as a hub for B2B gaming activities.
How do you plan to handle the transition period with regards to tax and licence fees? Given that the new regime will come into force in July, operators will be required to pay taxes and fees in accordance with the current Remote Gaming Regulations until 30 June As of 1 July , they will start paying gaming licence fees under the new regulations.
At the end of , we will calculate the difference between what was due for the first six months of and the rest of the year under the new regime.
Licensees who have paid more than what was due will receive tax credits equivalent to the excess amount paid, and licensees which have paid less, shall pay the difference accrued by the end of the year What other new and novel concepts will you be introducing?
The new Gaming Act will also introduce the concept of administration. So far, in the scenario that we suspend a licence for a gaming company and investigate them if we suspect they violate the regulations, the company has to stop operating.
The company could lose a lot of business until the investigation is finalised. In the end, even if no violations are found, this can cause a lot of damage to the brand.
Introducing an administrator who oversees the operations of the company in question can therefore protect jobs and player funds.
Also, if the company is found to be in breach of regulations, the administrator will help wind down the operation.
Many within the industry are now eager to learn more about the technical standards. When can they expect them? We are working on them but we also wanted to get the legislation out first.
I would like to assure the industry that there will not be any surprises. We will also be mindful of the technical specs already adopted in other member states.
Where possible, we will aim for alignment to avoid duplication and unnecessary costs for the industry without undermining the desired outcomes.
However, there is no denying that we are in the midst of an unprecedented technological revolution, one that is transforming the way gaming services are supplied and consumed.
While we need to embrace these changes, we have to ensure a safe operating environment and assess risks and implications properly.
Hence, we envisage implementing a sandbox, which would involve introducing cryptocurrencies and blockchain technologies within a controlled environment.
In the sandbox, we want to see what issues come up. I see this soft rollout as taking on a calculated risk, which will provide further clarity on the use of virtual currencies, in a real time-environment.
We have already received interest from some 50 companies wanting to be part of the sandbox. I truly believe that should this exercise be successful, Malta would be in a position to be among the first countries developing regulatory frameworks for cryptocurrencies.
Malta is keen to position itself as blockchain hub of the Mediterranean. How is the MGA helping realise this vision?
The blockchain opportunity is even bigger than the cryptocurrency potential, and Malta can become a key player in this sector.
Blockchain technology could decentralise gaming services just as the internet has decentralised media and information.
We have reached out to the industry to gain their insight. We know that a lot of expertise lies within the industry, with a number of innovative projects and concepts already available on the market.
I would like to see our own systems running on blockchain technology. I think this would be another step towards achieving greater efficiency and innovation in the way we conduct our regulatory function.
During , affiliate marketing came under renewed scrutiny. Nonetheless, they have avoided the scrutiny of regulators for years.
However, I think the incidents of past years have clearly shown that regulators cannot ignore their existence and their role in the industry.
To date, and like many other regulators, the MGA has focused its regulatory attention on the licensee who is ultimately responsible under the licence, irrespective of sub-contracted third parties.
However, our outsourcing policy and our new gaming legislation allows us to assess the operator-affiliate relationship on a case-by-case basis.
This allows us to put in place a condition that affiliates may be held directly responsible for breaches of advertising rules, without departing from the principle that the operator also maintains responsibility.
In my opinion, the affiliate industry should also look into adopting a code of conduct, which clearly outlines standards and accepted marketing practices and is agreed upon by all stakeholders.
The worlds of video gaming and iGaming are moving closer together. However, we will not regulate eSports competitions as such, but we are closely following developments in the sphere of skin.
These could be categorised as controlled skill games and thus be subject to increased oversight, given that operators hold funds on behalf of players.
We are also following the current discussion on video games that feature loot box mechanics, as these could potentially also fall under our controlled skill gaming licence.
How do you expect the gaming industry to develop in Malta in the coming years? In the wake of a fast-changing global regulatory landscape, we had to ask ourselves what Malta stands for as a gaming jurisdiction.
I think the new Gaming Act will reposition Malta as the most innovative jurisdiction, and we hope that the measures we are taking now will ensure that the industry will continue to grow in Malta.
Innovation is becoming mission critical and our outlook as a jurisdiction has always been more forward thinking than most other European countries.
The fact that many companies based here are expanding their operations, while new ones are moving in, is very positive.
Malta is the place to be for any start up, as well as fully fledged and operational gaming set ups. I expect that we will also see growth in the B2B sector given that we are putting in place attractive incentives, as well as growth in new verticals such as eSports and Daily Fantasy Sports.
I remain confident that notwithstanding all challenges and risks and with the support of all stakeholders, Malta has a bright future ahead, not just as a place of establishment but as an innovator in gaming regulation.
After four years at the helm of the MGA, how much of your plans and priorities do you think you have achieved? We have achieved a lot; the new Gaming Act is just one of the many projects that we have pursued.
I believe that any authority needs to be equipped properly to regulate effectively. After four years, I can say that we are not perfect, but we have created a culture of excellence in everything that we do.
Furthermore, we have a relentless drive to change and continuously improve. There is still a lot of work to be done and exciting times ahead for this growing industry.
He is a certified public accountant and fellow member of the Malta Institute of Accountants, specialised in management and finance. Videoslots has built up a reputation for fast payouts and quick, responsive customer service.
The company has also made the conscious decision not to target VIP players, says CEO Alexander Stevendahl, as gaming should be fun and entertaining above all else.
I started as a poker player when I was 18 years old. I remember I had a friend who earned a huge amount of money, and I obviously wanted to make what he was making.
So I decided to read a book about how to play poker. I started to play freerolls and won a lot. It was the early days of online poker, and I jumped in at the highest tables.
Then there was a period where I lost a lot, and I decided to take a break from playing and moved over to the affiliate side.
I started a site called Rakebacklovers that exploded and became the biggest Scandinavian rake provider. I was very successful until things went sour and poker went downhill.
At the time, I also collected a lot of domains, and I put a bid in on videoslots. During our first two years at Videoslots we experienced a few ups and downs, however from onwards we always registered growth.
Today, we have employees and are currently looking to hire 30 more people. What do you believe is the secret to your success?
I think it is our products and our customer service. In terms of product innovation, we have brought new concepts to the industry.
For instance, we were the first company to offer players to play against other players in real time on online slots.
Nobody had done that before. Our customer service also sets us apart. If we see that something is wrong, we try to fix it immediately. We also built up a reputation for fast pay-outs.
Together, these two factors helped us grow organically, with little reliance on affiliates. The majority of our new customers still come from Google because the domain is so strong.
In your opinion, does the industry rely too much on affiliates? However, I think operators will rely less on affiliates in the future, and we have already seen some companies dropping affiliates completely.
There is increased regulatory pressure on affiliates and operators, with regulators saying operators are responsible for what their affiliates are doing.
It is a tricky situation, and many operators are not able to check up on thousands of affiliates. Having been on both sides, how do you think the affiliate-operator relationship will evolve in the future?
I think all signs point towards licensing of affiliates, and that will result in tough times for affiliates. In many countries there are also cheaper marketing channels such as TV advertising.
We have tested this in Sweden, where it turned out to be more cost-effective to run TV commercials than acquiring clients from affiliates.
You have firmly positioned yourself in the online slots segment. Are you planning to move into other verticals? First of all, I want to improve our mobile offering.
Our desktop product is quite amazing, but the mobile version is still not perfect. We are also working on reviving online poker, because I think an online casino needs to have a good poker product.
In a land-based casino, I also expect a good poker room. I am looking at small tournaments, so that players actually know that they have a chance to win.
We have also started working on a sports betting product, but this will take some time to be launched. I believe we can continue to own the slots vertical and have other products on the side.
What are the key challenges that you are currently facing? Compliance and regulation, and we are fighting many different battles so to speak.
We are only targeting regulated markets. We recently had to close our Australia operations when a new bill was passed that bans online casinos from targeting residents in Australia.
Then there was the UK Gambling Commission, which forced us to change our game characters, saying that they are too child-friendly, despite them approving the games initially.
We are obviously looking at areas such as Anti Money Laundering and KYC; we now have seven in-house lawyers and a strong team of analysts.
I sometimes feel as if I am running a bank! We have created our own system that flags people that might have a gambling problem. However, more importantly, we actually encourage players to bet low, and all our promotions are built around that concept.
We position ourselves firmly in the entertainment spot. As soon as we realise that someone has a problem, we have to tell them.
But the big question for us is: He then moved on to becoming a poker affiliate before founding and investing in Videoslots in together with Mattias Sesemann and Magnus Hyltingö.
In , he was appointed CEO of Videoslots. How do you find Malta measures up as a base for iGaming companies? Is it a handy Head Office location or are there other countries that you could easily move to?
I have mixed feelings. The MGA is a good regulator; they are working with the industry, not against it. I also think that Malta is a good start-up location as it is easy to find your way around.
But I think there is one big problem: I think Malta has made a big mistake by educating its own people to a level required by the industry.
This, in turn, also creates a problem for the industry. It is relatively easy to bring in staff from abroad, but only a limited number of people stay for a very long time on the island.
This means operators need to constantly recruit and train new people. Then there is the hike in rental prices, which affects our staff and also our ability to attract people from abroad.
We are advertising the high quality of life on the island, but when people come here and find out that they can only afford a shared room in a shared flat, they are rightly questioning the quality of life.
Thinking about the future, where do you want to go from here? Would you consider a listing? We want to stabilise our business and complete our product, and that will take some time.
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