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OEG: Temporary suspension of activities of casino enterprises operating in Ukraine

Spekuliantai.lt | 2009-05-15 | NASDAQ OMX biržų naujienos | perskaitė: 1128
Raktiniai žodžiai: Olympic Entertainment Group, OEG
OEG: Temporary suspension of activities of casino enterprises operating in Ukraine

Olympic Entertainment Group Company Announcement 15.05.2009

Temporary suspension of activities of casino enterprises operating in Ukraine

Pursuant to the regulation of Ukrainian minister of finance, licenses of all
the casino enterprises that are operating in Ukraine are suspended in order to
carry out inspections.

The regulation of the minister of finance is subject to the recent events that
resulted in casualties due to the fire in one of the OEG competitors' gaming
facilities located in Dnepropetrovsk. OEG finds the suspension of casino
licences illegal and disproportionate. According to OEG, Ukrainian casinos of
OEG do not violate any safety requirements.

In addition, today the Ukrainian parliament passed a law suspending the
activities of all the gaming enterprises in Ukraine. Ukrainian government will
be given an order to develop a new Gambling Act within three months. The law,
which suspends the activities of gaming enterprises, must be approved by the
Ukrainian president. According to OEG, the above-mentioned law violates several
other laws and hopefully the president will not approve it. OEG believes that
the parliament's decision is directly related to the increased political
struggle before the elections. There have recently been several cases in
Ukraine where the orders of the government that regulate the gaming sector have
been annulled by the president the next day and hopefully the justice will be
done also this time.

As of today, the casinos of the Ukrainian subsidiary of OEG are closed and
their employees have been sent on holiday without pay. OEG is doing everything
possible to open its casinos again as soon as possible. The events that have
taken place in Ukraine do not influence the sustainability of OEG. The
operating revenue of OEG's Ukrainian subsidiary is approximately 12% of the
consolidated operating revenue of OEG.

OEG will inform about any developments of the situation through the stock
exchange system at once after circumstances have been clarified.

Additional information:

Andri Avila
CEO of Olympic Entertainment Group
Tel + 372 667 1250
E-mail andri.avila@oc.eu
http://www.olympic-casino.com

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