Greek gaming operator OPAP SA has reported double-digit declines in the first quarter due to the closure of its retail gaming network, including betting shops and lottery retailers. following coronavirus restrictions in Greece and Cyprus.
The group posted revenues of €328 million (US$368 million), down 17 percent from 2019.
Forced to suspend its entire retail capacity from March 14 (Greece and Cyprus units), OPAP saw its period EBITDA decline by 23 percent to €86 million, from €113 million in the corresponding period last year.
According to SBC News, OPAP implemented an emergency cost reduction program across its operating units, reducing payroll expenses and suspending advertising campaigns during the lockdown period.
Following the 58-day closure of its retail network, OPAP began to reopen Greek betting shops and lottery venues on May 14 with permission from the Greek government. Last week, OPAP announced it would begin the reopening of its “PLAY” gaming halls as well.
OPAP Group CEO Jan Karas said, “OPAP’s Q1 2020 was a double-faced quarter; on the one hand, we managed to demonstrate sizeable growth stemming mostly from VLTs and betting up to March 13th, while from March 14th onwards our retail estate was closed down leading to a severe decline of the group’s revenues.
“Nonetheless, we reported an overall solid set of results by putting promptly into effect our business continuity plan, achieving material cost savings and enhancing liquidity.”
“I would like to extend my appreciation to our network for both their swift adaptation to the new norm and working conditions as well as for their strong will to resume their business leading to an impressive 99 percent reactivation rate right from the very first day of reopening.”
Karas concluded, “I am confident that our agents’ and employees’ hard work, positive spirit and commitment will drive once more OPAP’s business forward.”
