Eastern European casino operator Olympic Entertainment Group (OEG) reported flat profits in Q1 following the closure of its Polish operations, just as a rival operator moves into OEG’s former Warsaw digs.
OEG’s gaming operations generated revenue of €51.5m in the three months ending March 31, 5.3% higher than the same period last year, while earnings rose 9.6% to €9.8m and profits were flat at €5.6m.
OEG enjoyed revenue gains across all its markets, with Latvia’s 54 gaming venues rising 3.2% to €16.5m, while Estonia’s 24 venues shot up 30% to €12.4m. Italy ranked third on the revenue chart with €7.9m, followed by Lithuania (€7m), Slovakia (€4.5m) and Malta (€3.1m).
OEG recently closed its operations in Belarus and Poland, and while Belarus was a non-entity in OEG’s overall revenue pie, OEG’s lone Polish casino generated revenue of €4.6m in Q1 2016. OEG’s Warsaw Olympic Casino Sunrise, which had been in business for nine years, had its license renewal rejected by Poland’s Ministry of Finance last September over OEG’s apparent failure to submit its paperwork on time.