Tallinn's Bombay Group Posts €19M Loss as Liabilities Near €150M
Bombay Group, owner of a lavish casino and hotel complex in Tallinn's Old Town, has revealed a staggering €19 million net loss for its 2024 financial year against just €8 million in revenue, with its auditor unable to confirm the value of company assets.
- —Bombay Group, owner of a luxury casino and hotel complex in Tallinn's Old Town, has reported a substantial net loss of 19 million euros against 8 million euros in revenue for the 2024 financial year.
- —The company's liabilities have reached nearly 150 million euros, and its statutory auditor was unable to confirm the value of its assets.
- —The luxury complex, which includes the Bombay Club casino, restaurants, and The Burmani hotel, saw its casino open in the summer of 2024 and the rest of the complex in 2025, following an investment of approximately 100 million euros.
- —Recent large-scale layoffs, with Yolo Group (Bombay Group's parent company) dismissing over 200 employees in Estonia, indicate the company is seeking to reduce costs and address its financial situation.
Recap
The financial collapse of the Bombay Group's luxury complex is not merely a case of a bad investment; it's a systemic failure. A loss more than double its revenue indicates a catastrophic cash burn rate, while an auditor's refusal to validate asset values points toward severe internal governance issues. The extensive layoffs are a symptom of a crisis that suggests the initial business model was fundamentally flawed, and the delayed reporting points to an attempt to manage the public fallout of a failing high-profile project.