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Olympic Entertainment Starts Italian Venture, Plans Casinos

Aug. 3 (Bloomberg) -- Olympic Entertainment Group AS, the only publicly traded casino operator in eastern Europe, agreed to set up a joint venture in Italy with GHolding to enter the western European market.

The Box S.r.l., the equally owned holding company, plans to open three casinos in northern Italy by the end of next year with 50 to 70 video lottery terminal slot machines each, the Tallinn-based Olympic said in a regulatory statement today. Olympic will invest 4.5 million euros ($5.5 million).

“In the first phase we are talking about three gaming locations with a total of couple of hundred VLT slots, but the potential is much higher,” Olympic’s Chief Executive Officer Madis Jaager said in the statement.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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