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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 19:42

Olympic's Polish subsidiary files for bankruptcy

BC, Tallinn, 03.01.2017.Print version
Casino Polonia-Wroclaw sp. z o.o., Polish subsidiary of the listed Estonian gaming group Olympic Entertainment Group (OEG), has filed a bankruptcy petition with a Polish court, OEG told the stock exchange.

Casino Polonia-Wroclaw sp. z o.o. operated the flagship casino of OEG in Warsaw until September 2016.


OEG froze its active operations in Poland as of Sept. 24 because its location specific activity license expired and a new license was not issued because the mangement was late filing the application.


For operators interested in doing casino business in Warsaw the deadline for submitting the application for a new license was March 24. Olympic's Polish subsidiaries Casino Polonia-Wroclaw sp. z o.o. and Ultramedia sp. z o.o. submitted the applications on Sept. 1.


OEG's core owner and chairman of the supervisory board Armin Karu said in December that the company is planning to return to the Polish market in spring 2017.


The consolidated revenue of the Polish subsidiaries of OEG in the first nine months of 2016 amounted to 13.53 mln euros and the subsidiaries finished the period with an operating loss of 8.8 mln euros. As at Sept. 30, 2016, the Polish operation employed 39 people.


In the first half of 2016 the Polish operations accounted for 10% of the group's total revenue and 4% of its operating profit.






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