OEG to merge Eastern European assets
Land-based casino firm Olympic Entertainment Group (OEG) has announced that it is to merge its Slovakian subsidiaries.
The company undertook a corporate review of its operational assets in Belarus, Estonia, Italy, Latvia, Lithuania, Malta, Poland and Slovakia, and concluded that it will merge its Olympic Casino Slovakia and Olympic F&B arms under the Olympic Casino Slovakia brand.
In a statement confirming the move, OEG said that the aim of the merger is the “adjustment of the group’s structure”, but said it will have no direct influence on the economic activities of the group.
Confirmation of the merger comes after OEG revealed significant year-on-year financial growth for the 12 months to December 31, 2015.
Group revenue was up 9.9% to €165.9 million ($187.5 million), while net profit also increased to €25.7 million.
In addition, earnings before interest, tax, deprecation and amortisation grew to €39.5 million, with slightly lower increased margin of 23.8%, while earnings before interest and tax increased to €31.4 million.
Latvia remains OEG’s largest market, generating €55 million of total revenue in the year, 17.1% higher than the previous 12 months, while the firm also noted growth from its operations in Estonia, Poland, Slovakia and Italy.
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