OEG management board movements and results

Estonian online casino operator Olympic Entertainment Group AS (OEG) has announced the appointment of Madis Jääger as new chairman of its management board.

Current chairman of the management board Indrek Jürgenson will continue as a board member and Meelis Pielberg will become the third board member.

Meelis Pielberg, the new board member of OEG, has been with the company since 1996 and in 2006 became the head of development of Olympic Casino Eesti (OCE) and chairman of the management board of OCE since 2009.

The OEG management board changes reflect Jääger as Chairman responsible for overall and financial management of the group; Meelis Pielberg to oversee land-based operations; and Indrek Jürgenson managing online casino division Olympic-online.com.

The management board of Olympic Casino Eesti AS will be chaired by Aigar Hain who has been with the company since 1998 and in the last five years has been the quality manager of both the Group and its Estonian subsidiary.

The expansion of the management board and re-division of the responsibilities of board members enables the Group to focus more on developing the operations of its online casino Olympic-Online.com said a company spokesperson.

In related news, the Group posted a strong performance for the nine month period ending September 30, 2011 as follows:

–     Group consolidated sales revenue for the 9 months of 2011 totaled Euros 88.8 million
–     Group revenue totaled Euros 93.2 million, an increase of 13.9 percent (9M/2010: Euros 81.8 million)
–     Group EBITDA Euros 24 million (9M/2010: Euros 15.5 million).
–     Operating profit totaled Euros 11.5 million (9M/2010: Euros 2.1 million)

– Olympic Casino Eesti AS gaming revenues totaled Euros 19.8 million (9M/2010: Euros 18.2 million), an increase of 8.8 percent

– Olympic Casino Latvia SIA gaming revenues totaled Euros 19.5 million (9M/2010: 15.9 million), an increase of 22.6 percent

– Olympic Casino Group Baltija UAB gaming revenues totaled Euros 12.9 million (9M/2010: Euros 12.1 million), increased by 6.6 percent