Also contributing to the decision were strained business ties and unresolved legal disputes with minority owner Žarko Ratković, who owns 49% of the company, Hit added.

Hit believes that another reason for the casino's troubles was the decision by Ratković's company Punta Internacional to close the adjoined Kristal hotel.

The gaming company moreover said that Ratković had filed several false criminal reports and misled the public and state institutions.

Recently he also demanded an enforcement based on false claims, according to Hit. The move resulted in the casino's accounts being blocked.

Casino Kristal management reduced the operating loss by 70% over the past years to EUR 1.1m in loss in 2013.