European casino operator Olympic Entertainment Group saw a 12-fold increase in profits last year.
The company, which is headquartered in Estonia, recorded a 13 per cent increase in revenue to €127.3m, despite reducing its portfolio of casinos by five properties and selling its operations in Romania.
As a result, profits stood at €13.8m, compared with €1.1m a year earlier.
“The year 2011 finished successfully for Olympic Entertainment Group,” said Armin Karu, the company’s chairman. “We came out of the global economic crisis significantly stronger, as we not only survived the challenge of the downturn but we did so by changing our existing operations to be more efficient and more professional.”
Describing last year as “symbolic,” Karu said that the company opened a new casino Slovakia, relocated Olympic Casino Tartu in Estonia and sold its Romanian interests.
Now active in six countries – Estonia, Latvia, Lithuania, Poland, Slovakia and Belarus – Olympic is now focusing on expanding into additional markets, both land-based and online.
“I am convinced that we can continue to provide our customers with a very high quality of service and truly entertaining casino experience – the fulfilling of this purpose is the everyday business of our dedicated team,” Karu added.
