Olympic Entertainment expands in Latvia following strong 2015 opening

olybetTallinn listed Olympic Entertainment Group AS (OEG) has announced a strong H1 2015 performance as group revenues increased 12% to €80.7 million (H1 2014 €73.7 million).

The operator, which has a strong presence in Eastern European markets, recorded performance increases throughout all its core metrics with EBITDA earnings of €18.4 million (H1 2014 €16.7 million).

OEG would record net operating profits for H1 2015 of €11.8 million up on €10 million for the corresponding year’s performance. OEG management further noted that its opertions had seen improved net margins of 17.9% on key verticals.

Following its positive opening to 2015, OEG governance stated that the operator remained on course to hit all key yearly targets

The operator witnessed revenue growth in core markets of Estonia, Poland, Slovakia and Lithuania. OEG Governance further noted that its Latvian operations had been the most profitable seeing an increasing in revenues of 20% to €26 million.

This week OEG announced that it would increase its presence in Latvia by buying casino operator SIA Garkalans for an undisclosed amount. The acquisition which is still subject to approval by Latvian regulators, would see OEG increase its Latvian operations to 57 gambling premises.

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