Casino operator Olympic Entertainment Group has sold its Romanian subsidiaries Olympic Casino Bucharest SRL, Muntenia Food and Beverages SRL and Olympic Exchange SRL to an Israeli entrepreneur, according to the company's announcement to the Tallinn stock exchange. The deal will be worth EUR 0.5 million, plus EUR 2.5 million, which represent the losses of the Romanian subsidiaries. The group operates two Olympic Casino units in Romania, with a total of 79 slot machines and 13 game tables, according to the company's most recent financial report. The name of the buyer was not disclosed.

The company, which runs activities in Estonia, Lithuania, Belarus, Poland and Slovakia, entered the Romanian market in 2007. The  market withdrawal was triggered by the lack of profit from the local operations and the lack of profit prospects for the future. The company posted revenues of EUR 2.7 million in Romania in 2010, down 25.7 percent on the previous year. It lost EUR 2.5 million in Romania last year, down on the operating loss of EUR 6.3 million in 2009.

Corina Saceanu, corina@romania-insider.com