Olympic Entertainment adjusts its structure
Olympic Entertainment Group announced the completion of the liquidation of its Belarusian subsidiary, Olympic Casino Bel IP.
Estonia.- Gambling operator Olympic Entertainment Group (OEG) announced that the liquidation of Olympic Casino Bel IP, its Belarusian subsidiary, has been completed. The Estonian company explained that the process is part of the group’s intentions to adjust its structure and that it wont impact its overall economic activities.
The structure adjustment follows the company’s obligation to close several gaming venues in Riga, Latvia, after a recent ban in the area. The authorities are forcing gambling facilities to shut down its operations within a five year period, leaving just some business located in hotels to control the activity.
Naturally, OEG will have to close its seven slot casinos as it explained in a short statement, but its still to be determined when. The ban’s date hasn’t been imposed yet, but according to the Estonian operator, it won’t be before June 2022.
Despite the ban, OEG doesn’t expect negative consequences to its economy as it owns 54 casinos and gaming venues across Latvia and its flagship operation, Olympic Voodoo Casino, won’t be affected by the measure as its located outside the comprehended area. All together, they generated revenue of €66.2 million and operating profit of €24.1 million in 2016.
The company exited Poland and Belarus last year but still operates in Estonia, Latvia, Lithuania, Slovakia, Italy, and Malta.