Eastern Europe's largest gaming firm to expand
16th May, 2008
Ritzio Entertainment Group, the largest gaming company in eastern Europe, has revealed plans to expand its casino operations.
Having become the dominant market leader in the region, the company is now reportedly looking to move into the burgeoning western European and Latin American markets.
Plans to diversify its audience-base follow on from a recent announcement by the Russian government that casino gambling is to be outlawed in all but four of the country's non-urban regions.
Justifying his company's decision to look further afield, senior Ritzio executive Oleg Boiko was quoted by CasinoGamblingWeb.com as saying. "Foreign gaming outlets are showing quite high sales growth and also high profitability."
ING Bank analysts Julia Gordeyeva added: "All gaming companies are looking at western and eastern Europe because they are not sure what will happen to the gaming business in Russia and what returns they may get from operations in one of the four zones."
Ritzio is currently engaged in a fundraising drive to raise $500 million (£250 million) for the purchase of Las Vegas-style casinos around the globe.
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