Estonia – Olympic enjoys growth in first quarterBy Phil - 2 May 2015
Baltic-based operator Olympic Entertainment has continued to grow its revenues into the first quarter of 2015 with its total of €39.1m, up 12.4 per cent or €4.3m year-on-year.
Estonia, Latvia, Lithuania, Poland and Slovakia all showed market gains with Italy and Belarus the only markets to decline.
Gaming revenues accounted for 93.9 per cent (€36.7 m) of the group’s total revenue. In the Baltics revenue in Estonia was up 7.1 per cent reaching €8.3m, Latvia saw an improvement of 16.1 per cent with GGR hitting the €21.1m mark whilst Lithuania revenues increased by 6.7 per cent reaching €5.9m for the quarter.
Olympic’s two Polish casinos delivered better results of €6.5m, up 4.5 per cent whilst Slovakia increased by 2.9 per cent with revenues reaching €3.7m. The company’s Belarusian operations were worst hit in the first quarter with revenues dropping by nearly 40 per cent to €0.3m whilst the Italian market’s operating profit dropped by 17.1 per cent despite revenues of €5m.
One of the group’s highlights was the purchase in March of two operating casinos from the Estonian casino operator Casino Cleopatra OÜ increasing the number of casinos Group owns in Estonia to 20. In January, Olympic set up two subsidiaries; OEG Malta Holding Ltd and OEG Malta Gaming Ltd in Malta. Its OEG Malta subsidiary has concluded an agreement for providing casino management services and related service to Maltese company Casino Malta Limited and associated companies.