2014
Horthel and others v. Poland Horthel Systems BV, Poland Gaming Holding BV and Tesa Beheer BV v. Poland (PCA Case No. 2014-31)
Poland
Netherlands
Shareholding in companies operating slot machines.
Claims arising out of Poland’s Gambling Law of 2009 restricting the operation of slot machines outside of casinos, which forced companies controlled by the claimants to stop operating most of their slot machines following the law's entry into force in January 2010 and to abandon all operations by January 2015.
Tertiary: R - Arts, entertainment and recreation
92 - Gambling and betting activities
UNCITRAL
PCA (Permanent Court of Arbitration)
Lévy, L.
van Leeuwen, M.
Thomas, J. C.
Decided in favour of investor
Final award dated 16 February 2017
240.00 mln PLN (56.60 mln USD)
37.70 mln PLN (9.30 mln USD)
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Judicial review by national courts
Judicial review by national courts
Award/decision upheld