Olympic Entertainment Exits Romania

OLYMPIC ENTERTAINMENT EXITS ROMANIA

06th May, 2011 at 08:35:28
Source: http://www.azonlinecasinos.com

Estonian internet casino operator pulls the plug on Romania

Baltic Business News reports that the Playtech-powered Estonian online casino operator Olympic Entertainment Group has pulled the plug on its Romanian activities.

In an announcement this week OEG revealed that it has sold its unprofitable Romanian subsidiaries to an unidentified Israeli entrepreneur for an undisclosed consideration.

The company will book a loss of Euro 2.5 million in the first quarter from the sale of the three units.

Olympic expanded into Romania four years ago, but a spokesman said the operations have not been productive and there was little promise for acceptable future business levels in the immediate future, persuading the group to withdraw.

OEG had holdings in three companies in Romania: Olympic Casino Bucharest S.R.L, Mutenia Food and Beverage S.R.L. and Olympic Exchange S.R.L.

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