The casino operator announced that its Polish subsidiary filed for bankruptcy protections.
Poland.- Olympic Entertainment Group’s Polish subsidiary, Casino Polonia-Wroclaw, filed for bankruptcy after the Finance Ministry decided not to extend its local license in late-September. The casino had frozen its operations whilst waiting for its license.
Madis Jaager, Chief Executive Officer for Olympic Entertainment Group, said: “Olympic Entertainment Group’s Polish subsidiary, Casino Polonia-Wroclaw that operated the flagship casino of Olympic Entertainment Group in Warsaw until September of 2016, has submitted to the court its bankruptcy petition.” The company also commented about its decision to freeze the operations in Warsaw, and said that it could end up in impairment costs of US$10.4 million, as well as charges of US$1 million and more than 30 people losing their jobs.
Poland officials decided not to grant the company a license because they claim that the casino operator failed to submit the appropriate paperwork in the established deadline. Olympic also reported that its earnings in eastern Europe fell 124.8 percent and is now facing a US$625.000 deficit.