Europe – Round Up

In Estonia, Olympic Entertainment Group has posted its latest raft of financial results, which show that its first-quarter 2016 consolidated sales revenues increased by 16 per cent on a like-for-like basis. The company netted E45.4m, up E6.2m on the first three months of 2015. The casino operator’s profit also enjoyed modest growth – with earnings of E9m up 1.6 per cent year-on-year. The bulk of sales momentum was achieved by OEG’s Latvian operations, which were substantially expanded last year by means of the company’s acquisition of local competitor, SIA Garkalns.

Meanwhile, in Spain, the leader of Catalonia’s Popular Unity Candidacy (PUC) party has made a statement on local radio reiterating opposition to the region’s ill-fated BCN World project (rendering pictured). Located within an hour’s drive of Barcelona, BCN World was originally announced in September 2012 – and billed as a vast, 850ha entertainment complex inclusive of hotels, casinos, theme parks and restaurants. But the PUC’s Mireia Boya stated equivocally that his party “does not like [BNC World] – and is against it.” He went on to claim that the PUC’s 10 MPs would not ratify the latest parliamentary budget until the current plans for BNC’s development were suspended.

Finally, in Belgium, the federal government has announced that gambling operators will have to pay an additional 21 per cent in Value Added Tax. The country’s gambling industry was quick to react to the new tax – which would be added to the existing 40 per cent tax on casino revenues – and is lobbying to prevent the proposal from becoming law.