Olympic Entertainment Group merges Eastern European gambling assets

Olympic

Issuing a market update, Tallinn (Estonia) listed gambling operator Olympic Entertainment Group (OEG) has confirmed that it will merge Eastern European assets following the publication of its end of year results.

Undertaking a corporate review of operational assets in its eight active markets (Estonia, Slovakia, Poland, Belarus, Latvia, Lithuania, Italy and Malta) OEG governance announced that it would merge business subsidiaries in Estonia and Slovakia.

OEG’s Slovak subsidiaries of Olympic Casino Slovakia and Olympic F&B will now operate under the Olympic Casino Slovakia brand as an adjustment to its regional business structure.

Newly acquired Estonian casino operator AS MC Kasiinod assets (acquisition completed 1 March 2016) are set to be merged under core brand Olympic Casino Eesti. OEG governance expects the acquired asset to be fully integrated within Olympic Casino Eesti operations by the end of full-year 2016.

Declaring its full-year 2015 results, OEG reported FY revenues up 10% to €166 million from 2014’s €151 million. The Estonian-based operator would declare FY net profits of €26 million up 18% on 2014’s €21.5 million.  

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