OEG details restructuring plans

OEG details restructuring plans

Wednesday, March 30, 2016 Totally Gaming
Eastern European assets merge following positive results

Land-based casino company Olympic Entertainment Group (OEG) has opted to merge its gambling assets in Estonia and Slovakia as part of a restructure.

OEG’s Slovak subsidiaries Olympic Casino Slovakia and Olympic F&B will now operate under the Olympic Casino Slovakia brand and will run alongside the firm’s operations in other European markets. OEG currently has operations in Belarus, Estonia, Italy, Latvia, Lithuania, Malta, Poland and Slovakia. 

In a statement confirming the merger, OEG said that the main aim of the move is the “adjustment of the group’s structure”. However, the land-based firm also said that the merger will not have any direct influence on its economic activities.

The merger comes on the back of a successful 2015 for OEG, during which it was able to achieve year-on-year growth across a number of key financials.

Group revenue in the 12 months through to December 31, 2015 amounted to €165.9m ($187.5m), representing an increase of 9.9 per cent on the total posted in the previous year. 

Elsewhere, earnings before interest, tax, depreciation and amortisation increased to €39.5m, while earnings before interest and tax also grew to €31.4m. The total value of OEG’s assets increased to €162.3m, while equity was also up to €122.9m.

The Latvian market continues to serve as the main source of income for OEG, generating €55m of the total revenue figure for the year, 17.1 per cent more than in 2014. The company has 57 casinos in the country, 20 more than last year and more than double the amount it has in other markets around Europe.

TotallyGaming.com says:

Operators are increasingly forced to restructure to overcome regulatory hurdles in Eastern Europe, although there is no suggestion that this is the case with OEG. The land-based operator is in a strong position, with rises across key financial metrics, and most observers believe Eastern Europe – the company’s heartland – represents one of the industry’s major growth markets.

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