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Olympic Entertainment Group forecast 21% increase in Revenue

Thanks to the expansion of its markets in Estonia, Lithuania and Latvia, Casino and Online gambling operator Olympic Entertainment Group (OEG) has experienced a revenue rise of more than one-fifth this Q3 2016 (Q3 period of the last three months ending September 30)

The Tallin-listed operator released their unaudited figures where the OEG governance reports an overall rise of 21% to €45 million this Q3. The Estonian market proved to be the biggest gains rising 20.2% to €10.1m while the Latvian market contributed to the overall amount earning €15.6m, a 16% increase.

Apart from Poland, who experienced -9.5% in figures, and Belarus where there was zero contribution to the overall figure, the operator having to withdraw from Belarus this September citing ‘poor market conditions and declining prospects for its business growth’, the gambling operator has reported growth across all other key markets.

The new €45m Hilton Tallin Park which opened in June of this year aided in OEG Estonian business contribution to the quarter’s figures being the first Hilton to open in the Baltic region and boasting of what OEG calls its new flagship gaming venue, the Olympic Park Casino.

EG governance issued a shareholder notice on the 10th October disclosing that the company would be paying a dividend 0.05 EUR per share on 14th October 2016.

The unaudited results of OEG see their year-to-date revenue at €131.5 million, an increase of 16% from the same point last year.

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