Estonia-headquartered casino operator Olympic Entertainment Group (OEG) announced today that its subsidiary Olympic Casino Eesti AS will purchase Estonian gambling company AS MC Kasiinod, which also owns provider of casino bar services OÜ Oma & Hea. OEG told media that the purpose of its latest acquisition is to increase its market share in Estonia.
Once the transaction is completed, OEG will manage a total of 24 gambling facilities across the country. Currently, MC Kasiinod owns 4 slots casinos in Estonia and those feature as many as 160 slot machines. Last year, the gambling operator generated overall revenue of €3 million and had about 65 people working at the 4 properties. The nominal value of AS MC Kasiinod’s share capital is a little more than €1 million. The involved parties did not disclose the transaction’s prize.
The proposed acquisition is now subject to regulatory approval. The Estonian Competition Authority will need to give the green light to the sale in order for it to be completed in timely manner. OEG said that the 4 casinos that are to be acquired will need to be brought into compliance with the company’s quality standards within a year after the completion of the transaction. All four of them will then be rebranded as Olympic Casino.
Prior to buying MC Kasiinod, OEG’s subsidiary Olympic Casino managed 20 casinos across Estonia. Those featured 20 table games and 817 slot machines. Last year, the casino operator generated casino revenue of €32 million and had about 450 employees working at the venues.
The deal is not expected to have any direct effect on OEG’s economic activities as it is not a transaction with related parties. In addition to this, neither the company’s management board, nor its supervisory board members are in any way interested in the acquisition deal.
Apart from its 20 brick-and-mortar gambling venues in Estonia, OEG also runs 12 such facilities in Italy, 2 in Belarus, 7 in Slovakia, 2 in Poland, 16 in Lithuania, and 37 in Latvia. Currently, the gambling operator employs more than 2,650 people in a total of 7 European countries. Apart from its land-based operations, the company also provides online gambling services.
