BUSINESS

OPAP says it’s sticking to VLT rollout plan

TAGS: Business

OPAP, Europe’s fifth biggest gaming firm, said on Wednesday it is keeping to plans to have a total of 10,000 video lottery machines (VLTs) rolled out by the end of the year.

OPAP launched the new product, which is expected to be its main growth driver, earlier this year.

“The plan is still to have around 10,000 machines in the field by year-end and we feel that this figure should be feasible given the current run rate,” chief executive officer Damian Cope told an analysts’ conference call.

Greece’s Parliament passed a law on Tuesday to reduce the number of VLTs allowed in Greece to 25,000 from 35,000 by the end of 2019 to reduce public exposure to gambling and ensure more effective supervision by the authorities.

OPAP is confident it will meet that timetable and expects to have about 20,000-22,000 machines in place by the end of 2018, Cope said. On Tuesday OPAP reported a 64 percent rise in third-quarter net profit, helped by the rollout of VLTs and the reversal of litigation provisions.

[Reuters]

Online