Olympic Falls 6.3% on Slower Sales: Tallinn Mover
(Corrects date of Italy announcement and share gain in third paragraph.)
Olympic Entertainment Group AS (OEG1T), the only publicly traded casino operator in eastern Europe, fell from a 52-month high in Tallinn after reporting slower sales growth for its main Estonian and Latvian units.
The stock fell as much as 7.3 percent, it biggest intraday drop since February 2010, and closed down 6.3 percent at 1.79 euros in the Estonian capital, valuing the company at 271 million euros ($361 million). Volume of 250,586 shares was more than twice the three-month daily average.
As of yesterday, Tallinn-based Olympic had gained 36 percent since Aug. 3, when it announced plans to expand to Italy through an investment in a Milan gaming operator. The company said today that revenue growth at its Baltic units slowed in the fourth quarter.
Sales at Olympic’s Estonian and Latvian units rose 8.1 percent and 1.9 percent from a year earlier, respectively, compared with growth of 14.7 percent and 17.1 percent in January to September, the company said. Revenue growth at the smaller Lithuanian unit accelerated to 4.8 percent from the same period a year ago in October to December, compared with 4.3 percent in the first nine months of 2012.
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