Olympic Entertainment revenue jumps thanks to Estonian operations

As the numbers show, their overall revenue went up by 21.3% in the third quarter of 2016, amounting to a total of €45.4million. Their Estonian segment brought the biggest growth in the three months up to September, with a 20.2% rise as opposed to last year and a total of €10.1million in Q3 revenue.

The beginning of OEG’s third quarter was marked by the opening of a new casino in Tallin, which, according to the numbers, gave a substantial contribution to OEG’s revenue. The Olympic Park was launched in the first Hilton hotel in the Baltic Area, the Hilton Tallinn Park, and it is OEG’s latest flagship casino in Estonia.

But despite their Estonian expansion, the company’s biggest earner is still the Latvian casino market which accounted for €15.6million of the overall Q3 revenue and saw a growth of 15.9% when compared to 2015. As for the other segments, the third highest-grossing segment was Lithuania (€5.7million), with Poland (4.2million) and Slovakia (€3.5million) following close by.

But as their Baltic operations are thriving, the company has had its fair share of problems with the rest of the European market. Only a month ago, OEG published an announcement that they would close down their Belarus operations since the revenue only reached €200,000 by the first half, leaving the company at loss. A similar scenario is warming up in Poland, where due to the rejection of their license renewal they’ve frozen activities, which took down their Q3 revenue by 9.5% in 2016.