After its Polish land-based casino operating subsidiary filed for bankruptcy protections earlier this month, Eastern European casino operator Olympic Entertainment Group has now reportedly established a new online gaming concern in Malta with share capital of approximately $5,300.

According to a report from G3Newswire, Olympic Entertainment Group stated that the new entity is set to be known as Olybet Malta Limited and will concentrate on developing a “legal platform for the expansion of [our] activities in the business of remote gambling”.

“The establishment of this subsidiary has no direct influence on the economic activities of Olympic Entertainment Group,” read a statement from Madis Jaager, Chief Executive Officer for Olympic Entertainment Group, which is also behind almost 160 casinos, betting shops and gaming centers in Estonia, Latvia, Lithuania, Slovakia, Malta, Belarus and Italy. “The members of the management and supervisory boards of Olympic Entertainment Group have no personal interest in the establishment of the subsidiary.”

Jaager reportedly declared that the “main goal” of establishing Olybet Malta Limited was to prepare for “entry into new markets” while explaining that the business was in its “developmental phase”.

G3Newswire additionally reported that Olympic Entertainment Group already operates the Casino Malta By Olympic Casino, which is the island nation’s largest casino, with the Paceville-based venue recently closing out its first year of operation in late-December with gross gaming revenues of $11.65 million.

Thursday saw Olympic Entertainment Group moreover report a 12.6% increase year-on-year in its overall unaudited gaming revenues for the twelve months to the end of December to $184.89 million led in large part by the performance of its Baltic operations. While its Lithuanian venture saw annual takings climb by 15.7% to $25.43 million, the operator’s Estonian concern posted a 16.5% swell to $41.54 million. However, these were both overshadowed by business in Latvia rising by 17.7% to top $64.22 million.

Continuing the good news, Olympic Entertainment Group additionally proclaimed that annual unaudited gaming revenues from its business in Italy hit $12.29 million, which represented a 16.5% boost year-on-year, while Slovakia improved by 1.4% to reach $15.57 million.