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Baltic woes batter Olympic, but Merkur still expanding
Estonian casino operator Olympic Entertainment was hit hard in the first half of the year by worsening economic conditions in the Baltic nations.
Revenue at the firm, listed on the Tallinn stock exchange, dropped 31 percent to 61.7m Euro ($88m), while earnings before interest, taxes, depreciation and amortisation (EBITDA) plummeted 91 percent to 1.53m Euro ($2.2m).
Olympic operates nearly 90 locations across seven nations. Estonia, Latvia and Lithuania all experienced sharp revenue declines. Olympic closed 27 venues - most of them in the Baltic nations - during the half year, after shutting ten in 2008.
The company was also affected by the Ukraine government's enforced closure of casinos and slot venues following May's fatal fire in a Dnepropetrovsk slot hall.
However, there was more positive news for Olympic in Belarus, Romania and Slovakia, all showing revenue growth, while takings in Poland dropped only slightly.
And not all eastern European operators are contracting: Merkur Casino is this summer opening two new locations in Bulgaria and the Czech Republic.
A new casino-style arcade in the Poruba district of Ostrava, the third-largest city in the Czech Republic, offers 45 gaming positions, including Merkur Gaming's own Games Unlimited.
Welcoming its first customers in September, it is Merkur's third in Ostrava and 23rd in the country.
In Bulgaria's second city Plovdiv, meanwhile, Merkur - part of German game manufacturer Gauselmann Group - and partner Casino Technology have opened the Palms Merkur Casino, a casino-style arcade with 48 gaming positions.
