Olympic Entertainment Group to sell subsidiary behind Hilton Tallinn Park
Casino operator Olympic Entertainment Group signed a deal with East Capital subsidiary ECB3 Tallinn for US$52.7 million (€47.88 million).
Estonia.- Olympic Entertainment Group, the Eastern European casino operator, has agreed to sell its 100 percent interest in the firm behind the Hilton Tallinn Park hotel complex to East Capital subsidiary ECB3 Tallinn for US$52.7 million (€47.88 million).
The venue is home to the Olympic Park Casino, run by ancillary firm Olympic Casino Eesti under a long-term lease agreement. The Olympic Park Casino is owned by an Olympic Entertainment Group’s subsidiary Jessy Investments, via fellow subordinate Kesklinna Hotelli. Olympic Entertainment Group operates almost 160 casinos, betting shops and gaming centers in Estonia, Latvia, Lithuania, Poland, Slovakia, Belarus, Italy and Malta.
“The aim of the sales transaction is to release capital that has been invested into real estate and to focus on the core business of the group’ operating casino and entertainment complexes,” said Olympic Entertainment Group in statement. “The hotel and casino operations that are in the building are not part of the sales transaction and will continue to be owned by Olympic Entertainment Group.”
The transaction is subject to customary conditions such as an approval by the Estonian Competition Authority and will give ECB3Tallinn the right to replace Kesklinna Hotelli boss Meelis in case it wants to.
