Olympic Entertainment Group to invest EUR 30 million in the Polish market over two years
Posted on 18.04.2007
In the next few weeks OEG will complete the transaction for the acquisition of shares of Casino Polonia, pursuant to a preliminary agreement for the acquisition signed in September 2005. Last week Poland’s Ministry of Finance gave its approval to OEG to acquire 80 percent of shares of Casino Polonia. “This has removed the final obstacle for entering the market, something that has taken one and a half years to prepare,” said in comment Armin Karu, Chairman of the Board of OEG. According to a preliminary agreement, the total amount of the deal is EUR 9 million.
As a result of the acquisition of Casino Polonia shares, OEG will own 80 percent of Casino Polonia that has seven casinos in four Polish towns – Warsaw, Wroclaw, Szzcecin and Gorzow Wielkopolski. After closing the deal, all casinos will be re-branded to comply with Olympic Casino requirements. In two years, OEG plans to invest in Poland a total of EUR 30 million.
At the end of April, OEG will open in Warsaw an entirely new Olympic Casino that will be the largest casino in Poland. “Olympic Casino Sunrise in the newly completed Hilton Hotel in Warsaw will be definitely the most modern entertainment establishment in Poland” said Andri Avila, Member of the Board of OEG. The group has invested in the Olympic Casino Sunrise project a total of EUR 7 million. Hilton itself is the newest and most luxurious hotel in Warsaw and features the city’s largest conference centre and health spa.
Olympic Casino Sunrise is about three times larger than the one in Hotel Marriott that was the largest casino in Warsaw until now. Olympic Casino Sunrise sprawls on three stories on 1,600 square metres and offers winning opportunities on 20 gaming tables and 100 slot machines. “Construction of Olympic Casino Sunrise began last November and complied with OEG standards already in the design stage,” said Mr. Avila, adding that Olympic Casino Sunrise is an entirely new quality on the Polish casino landscape both in terms of size and the gaming technology. Almost all technical solutions starting from the loyal customer programmes and systems until the cash-free EZ-Pay accounting system are the first of their kind on the Polish market. Also the rest of the gaming equipment is the latest word of technology and most of it has never been seen before on the Polish market.
Today OEG operates in Ukraine, Romania, Belarus, Lithuania, Latvia and Estonia After the acquisition of Casino Polonia enters into force, OEG will be operating a total of 103 casinos in seven countries.
The vision of OEG is to become the largest provider of casino entertainment in Central Europe in 2010 and to operate at least ten countries.
The stock of OEG is listed on the Tallinn Stock Exchange since 2006. The work procedures of OEG comply with the requirement of the international quality standard ISO 9001. The company is full member of the European Casino Association (ECA).
Member of the Board
Olympic Entertainment Group
Tel + 372 667 1250