OREANDA-NEWS. August 05, 2008. Olympic Entertainment Group reported that the revenue of its Estonian unit fell 9.9 percent in the second quarter of the year. This news triggered a record fall of shares of Olympic during the trading in Tallinn.

The revenue of Olympic Casino Eesti was reduced from 198.5 million krones (last year figure) to 178.8 million (USD18.1 million). Bloomberg news agency was able to obtain this information relying on the Estonian company report for the first half of the year. The reason for the fall was not specified. Henri Kaesper, KPMS&Partners Head of Public Relations, who represents Olympic, confirmed these figures by phone.

Olympic, which operates in eight countries in Eastern Europe, and wants to expand outside the region, declined 5.4 percent, the maximum fall in two months, to a record low of 1.75 euros per share.

“The revenue at the Estonian unit was somewhat lower than we expected,” said Andres Kaljo, a Tallinn-based analyst, – “Still, the share of Estonia and the Baltic countries is declining with every quarter, and main sources of revenue for the casino operator will soon come from outside the region.”

The unit`s first-quarter revenue had grown 19 percent, contributing to 30 percent of Olympic`s revenue in that period. Olympic is due to report second-quarter earnings in August.