Temporary suspension of activities of casino enterprises operating in Ukraine

Posted on 15.05.2009

The regulation of the minister of finance is subject to the recent events that resulted in casualties due to the fire in one of the OEG competitors’ gaming facilities located in Dnepropetrovsk. OEG finds the suspension of casino licences illegal and disproportionate. According to OEG, Ukrainian casinos of OEG do not violate any safety requirements.

In addition, today the Ukrainian parliament passed a law suspending the activities of all the gaming enterprises in Ukraine. Ukrainian government will be given an order to develop a new Gambling Act within three months. The law, which suspends the activities of gaming enterprises, must be approved by the Ukrainian president. According to OEG, the above-mentioned law violates several other laws and hopefully the president will not approve it. OEG believes that the parliament’s decision is directly related to the increased political struggle before the elections. There have recently been several cases in Ukraine where the orders of the government that regulate the gaming sector have been annulled by the president the next day and hopefully the justice will be done also this time.

As of today, the casinos of the Ukrainian subsidiary of OEG are closed and their employees have been sent on holiday without pay. OEG is doing everything possible to open its casinos again as soon as possible. The events that have taken place in Ukraine do not influence the sustainability of OEG. The operating revenue of OEG’s Ukrainian subsidiary is approximately 12% of the consolidated operating revenue of OEG.

OEG will inform about any developments of the situation through the stock exchange system at once after circumstances have been clarified.

Additional information:

Andri Avila
CEO of Olympic Entertainment Group
Tel + 372 667 1250

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