Eastern European casino operator, Olympic Entertainment Group (OEG), has liquidated its subsidiary in Belarus due to “inefficient operations caused by the macroeconomic situation and poor prospects to increase profitability in the country”
[dropcap]I[/dropcap]n the first half of 2016, the revenues and income of Olympic Casino Bel IP amounted to E200,000 and operating loss amounted to E150,000.The company’s Belarusian division, which operated six casinos with 227 slot machines, constituted 0.2 per cent of the group’s total revenue and income.
“The liquidation of the Belarusian subsidiary will not cause OEG any material impairment of assets nor liquidation related costs,” the operator stated.
In the wake of the divestment announcement, OEG published its third-quarter financials. Revenues across the group’s continuing operations in Estonia, Latvia, Lithuania, Poland, Italy and Malta totalled E45.4m, up 21.3 per cent compared to the prior-year period.