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Poland – Olympic Casino Sunrise files for bankruptcy

By - 4 January 2017

Olympic Entertainment Group’s Polish subsidiary Casino Polonia-Wrocław, which operated the flagship casino of OEG in Warsaw until September 2016, Olympic Casino Sunrise, has submitted to the court its bankruptcy petition.

The Baltic-based operator had informed back in September that its bid for a local specific activity license had been rejected by the Ministry of Finance. Olympic Casino Sunrise had been open for nine years.

Olympic said it would compete in the upcoming public tender for the local specific activity license but that it would be forced to suspend its Polish operations with losses totalling €10m. Whilst suspended the casino said it would carry on employing 15 of its 39 Polish employees.

The casino generated GGR of €9.4m and operating profit of €500,000 in the first half of 2016, equating to roughly ten per cent of the operator’s overall revenues.

In other news, the merger of OEG’s Latvian subsidiaries, Olympic Casino Latvia SIA and SIA Garkalns has been completed. During the course of the merger SIA Garkalns merged with Olympic Casino Latvia SIA.

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