Olympic Entertainment Group (OEG), an Estonia base casinos operator announced Tuesday December 1, 2015 that it is buying the 100% shareholding in another Estonia base casino operator AS MC Kasiinod, the 100% owner of OU Oma and Hea -casino bar service provider.
AS MC Kasiinod has 4 slot casinos with a total of 160 slot machines. With the propose taken over, OEG will now have 24 casinos with 977 slot machines and 20 gaming tables in Estonia.
In 2014 AS MC Kasiinod had an estimated revenue of €3 million and a staff strength of 65 people. The nominal value of the share capital of the company was put at €1,008,000. The same year OEG Estonia had an estimated annual revenue of €32 million with staff strength of 446 people. Buying AS MC Kasiinod will allow OEG to increase it share in the Estonia regulated gaming market.
The completion of the deal is however depends on the ordinary conditions which include approval from the Estonia Competition Authority. The casinos are expected to be transformed in one year frame after which they will be re-branded to reflect the new owner.
Both parties are not interested in making known the price involved in the transaction and the transaction is not considered to be transaction with the related parties (In the meaning of rules and regulations of NASDAQ) and does not have a direct effect on the economic activities of OEG group.