Spielbanken

Casinos: Gambling has a very long tradition in Austria (esp. in Karlovy Vary, Czech Republic (then Karlsbad), Baden, Lower Austria). The development of seaside baths on the Austrian Adriatic coast at the beginning of the 20^th century led to the foundation of licensed casinos, modelled after those in Monte Carlo, in places such as Abbazia, Porto Rose, Grado and Mendel bei Bozen (South Tyrol) from 1911-1913. The Österreichische Casino AG was founded with four casinos (Semmering, Baden, Salzburg and Kitzbühel) in 1934; the casino in Bad Gastein was opened in 1937. Closed by the Nazi authorities in 1938, the first casinos were allowed to re-open in 1950. The economic development of Österreichische Casino AG, at first burdened by deficits, only changed when the company was taken over by the Österreichische Spielbanken AG, founded in 1967, (today Casinos Austria AG), which has followed a constant upward trend in its business activities since 1968.