OPAP gaming revenue all but wiped out by coronavirus shutdowns (updated)

Allwyn AG

01/04/2020 18:00

* OPAP says almost all revenue wiped out by coronavirus
shutdown
Reviewing dividend
    * OPAP has taken steps to mitigate closure impact 
    * Reports 62% rise in Q4 profit
    * 

 (Adds quotes, detail)
    ATHENS, April 1 (Reuters) - OPAP  OPAr.AT , Europe's
fourth-biggest betting business, has seen almost all its revenue
wiped out by the shutdown of its outlets as part of a
government-imposed lockdown in Greece and Cyprus to fight the
spread of the coronavirus, it said on Wednesday.
    The closures have eliminated about 99% of its gaming revenue
in recent weeks, having been forced to close all its roughly
4,000 outlets since last month, the company said.
    "As a company we have responded quickly to protect our
employees and agents, taking a number of necessary mitigation
steps," OPAP's Chief Executive Damian Cope said in a statement.
    The company was reporting a 62% rise in fourth-quarter net
profit to 61.8 million euros ($67.6 million) thanks to its new
video lottery operation and lower taxation.
    "I am confident that OPAP will bounce back strongly once
this unfortunate period comes to an end," Cope said.
    OPAP concluded the roll out of 25,000 video lottery
terminals in Greece last December, it said. It holds an
exclusive licence for the business which expires in 2035 and is
seen as a catalyst for the company's future growth.
    OPAP said it was reviewing shareholders payments on 2019
profit because of the current trading situation. It paid an
extraordinary dividend of 1 euro a share in February.
    Greece reported its first coronavirus case at the end of
February and has so far confirmed 1,415 cases and 50 deaths.
    ($1 = 0.9147 euros)
    

 (Reporting by Angeliki Koutantou
Editing by David Goodman and Elaine Hardcastle)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))