Olympic Entertainment leaves Belarus

The Estonian gambling operator Olympic Entertainment Group (OEG) has announced that it has completed the liquidation of Olympic Casino Bel IP in Belarus which it is now totally removed from.

“OEG has completed the liquidation of its Belarusian subsidiary Olympic Casino Bel IP. The aim of the liquidation was the adjustment of the group’s structure. The liquidation of this subsidiary has no direct influence on the economic activities of OEG Group. The members of the management and supervisory boards of OEG have no personal interest in the liquidation.” published on a short corporate statement on Monday signed by the CEO Madis Jääger.

Last year the company announced that it would withdraw its market operations from Belarus and Poland because of their unfavourable business and tax conditions but the removal of their business interests there would not impact on their results.
According to a financial statement of year 2016 OEG accounted a €9 million cost for withdrawing from the markets.

This follows the last week’s announcement by OEG that it has been forced to restructure assets within Riga’s ‘historic city center’, as the Riga City Council has banned all gambling parlours and premises from operating. OEG has 54 casinos in Latvia and employees circa +900 staff members.