Estonian casino operator Olympic Entertainment Group has re-opened its casinos in Ukraine after President Viktor Yuschenko vetoed a law put forward by the country's parliament banning casinos.
Andri Avila, chief executive officer of OEG, said the ban on casinos contravened existing legislation, including local commercial law, labour law, enterprise law and rules relating to the licencing of economic activities. It is thought that the ban was a reaction to a fire in a gaming facility in Dnepropetrovsk, in which several people were killed.
"The law violated several other laws and it is believed that the parliament’s decision was directly related to increased political struggle before the elections," Avila said in a statement sent to InterGame. "OEG finds the suspension of casino licences illegal and disproportionate."
Yuschenko vetoed the law on June 4, prompting OEG to re-open its casino on June 8. However, earlier this week the country’s parliament voted against the president’s action, leaving in place the order for the government to prepare a new law to relocate all casino operations into special zones within three months.
"The events that have taken place in Ukraine do not influence the sustainability of OEG," Avila said. "The operating revenue of OEG’s Ukrainian subsidiary is approximately 12 per cent of [the company’s] consolidated operating revenue.
"Today, OEG is conducting legal analysis of the situation and will plan its future actions in accordance with analysis results."
