Olympic Entertainment Group AS, the leading provider of gaming services in the Baltic states and operator of casinos in Slovakia, Italy and Malta, recently announced a 21.3 percent increase in third-quarter revenue, to .7 million. Officials said the numbers are due to the company’s investments in Estonian casinos, which posted an increase of 20.2 percent over last year, with a total of million in third-quarter revenue.
OEG opened a new casino in Tallinn at the beginning of the third quarter—the Olympic Park, in the first Hilton hotel in the Baltic area, the Hilton Tallinn Park, OEG’s latest flagship casino in Estonia.
However OEG’s main revenue generator continues to be the Latvian casino market, which grew by 15.9 percent over 2015, accounted for $17.05 million of the overall Q3 revenue. The third highest-grossing segment was Lithuania ($6.23 million), followed by Poland ($4.59 million) and Slovakia ($3.82million).
Despite its success in the Baltic area, OEG has faced challenges in other areas in Europe. Last month, OEG announced it would close its Belarus operations, where revenue reached only $218,540 in the first half, leaving the company at loss. Poland may be on the same path; its license renewal was rejected so operations have been frozen, decreasing Q3 revenue by 9.5 percent in 2016.
