Estonia & Latvia growth offsets Olympic Entertainment closures in Poland & Belarus

Estonia & Latvia growth offsets Olympic Entertainment closures in Poland & Belarus

by 02.03.2017 0 comments

Led by growth in its core markets of Estonia and Latvia, Eastern European gambling operator Olympic Entertainment Group (OEG) has reported full-year 2016 revenues (before tax) of €205 million (FY 2015: €177 million)

Closing its FY 2016 corporate performance, OEG would declare net revenues of €161 million (FY 2015: €136 million), with its Estonian home market generating revenues of €45 million, and further supported by OEG Latvia attributing €66 million.

Despite discontinuing its services in the markets of Poland and Belarus which cost the company a reported €9 million, OEG governance would declare an FY 2016 EBITDA of €53 million.

OEG governance was pleased with the company’s performance, which had met investor expectations. During 2016 the company has undertaken some significant changes to its operations merging its Slovakian assets under the Olympic Casino and OlyBet flagship brands.

The firm would discontinue its Polish and Belarus gaming services due to restrictive national gambling regulations which showed ‘poor prospects for growth’, OEG would close all of its betting enterprises.

Moving forward OEG governance stated that the firm would concentrate its growing resources on the new markets of Malta and Italy.

As of 2017, OEG operates 120 gambling premises in six European territories (Estonia, Latvia, Lithuania, Slovakia, Malta and Italy).

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