Greece's OPAP swings to second-quarter loss on COVID restrictions

Allwyn AG

09/09/2020 17:24

(Releads, adds detail)
    ATHENS, Sept 9 (Reuters) - OPAP  OPAr.AT , Europe's
fourth-biggest betting business, on Wednesday reported a net
loss for the second quarter due to the closure of outlets during
the coronavirus lockdown in Greece and Cyprus.
    The company made a net loss in the April to June period of
15.1 million euros ($17.9 million) versus a net profit of 34.6
million in the same period a year before.
    OPAP said the COVID-19 pandemic had "severely" hurt its
financials, with gross gaming revenue down 53% at 179.6 million
euros. 
    Most OPAP outlets resumed operations in May after a
two-month closure as part of a government-imposed lockdown to
stem the spread of the coronavirus. Its 25,000 video lottery
terminals in Greece resumed operations in early June. 
    OPAP said performance following its stores reopening had
been encouraging, but that any new lockdowns and weaker tourism
revenues and consumer spending would inevitably weigh on betting
and hit revenue further.
    
($1 = 0.8462 euros)

 (Reporting by Angeliki Koutantou; Editing by Jan Harvey)
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