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The Baltics – Five markets out of seven improve for Olympic Entertainment

By - 28 October 2015

Baltic operator Olympic Entertainment is continuing to move in the right direction with consolidated sales revenues for the first nine months of 2015 amounting to €120.6m, up 9.6 per cent year-on-year.

The Group’s consolidated EBITDA for this period came in at €29.2m, a growth of eight per cent whilst net profit was up to €19.6m compared to €17.2m a year ago.

Estonia was up 8.1 per cent, Latvia up 17.7 per cent, Poland up 3.6 per cent, Slovakia up 0.7 per cent and Italy was up 170.3 per cent.

On the down side, Lithuania was down 2.1 per cent whilst Belarus was down by 55.8 per cent.

Highlights for the period included establishing subsidiaries OEG Malta Holding Ltd and OEG Malta Gaming Ltd in Malta and buying two operating casinos from the Estonian casino operator Casino Cleopatra OÜ that increases the number of casinos group owns in Estonia to 20.

The group has also bought Latvian casino operator SIA Garkalns, which also owns the subsidiary SIA Post-Nevada, as well as two VLT slot casinos from the Italian VLT casino operator Pasquale Di Gaetano – Judica Concetta and sons sas. It Italy it has just increased its ownership in The Box to 100 per cent buying out the remaining 30 per cent for €60,000.

It has also agreed a loan with Swedbank AS concluded a loan agreement with the loan limit of EUR 25,000,000. Loan will be used for financing construction of the Hilton Tallinn Park hotel.

The group now has 20 Olympic casinos with 817 slot machines and 20 gaming tables operating in Estonia, 37 Olympic casinos with 1,066 slot machines and 19 gaming tables operating in Latvia, 18 Olympic casinos with 557 slot machines and 64 gaming tables operating in Lithuania, one Olympic casino with 145 slot machines and 29 gaming tables operating in Poland, seven Olympic casinos with 291 slot machines and 56 gaming tables operating in Slovakia, two Olympic casinos with 74 slot machines operating in Belarus and 12 VLT slot casinos with 438 slot machines operating in Italy.

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