Greek Gambling Monopoly Still Battling

GREEK GAMBLING MONOPOLY STILL BATTLING

22nd November, 2013 at 11:35:01
Source: http://www.azonlinecasinos.com

Decline in profits prompts a delay in video games launch

The severe Greek economic recession, allied to an increased tax burden has been cited as the reason for a drop in profits at the Greek gambling monopoly OPAP, recently acquired by the Emma Delta group (see previous reports).

The gambling group's third quarter net profit plunged 61% y-o-y to Euro 44.4 million, although it was better by several million Euros than expected by pessimistic analysts.

Management blamed the current economic crisis and a 30% rise in government tax on GGR, which cancelled out a positive performance up 0.7% to Euro 897.6 million in the quarter.

The bad news has prompted OPAP CEO Kamil Zeigler to postpone the launch of video lottery terminals to the third quarter of 2014.

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