Alexandru Olea is a Romanian entrepreneur whose scandalous activities in the Romanian gambling industry have caused quite a stir. Close ties to influential but dubious figures and unethical business practices have given his success a decidedly unprofessional feel. Its rapid growth seems to be the result of manipulation and shady dealings rather than a focused business strategy, which only serves to reinforce its infamous image.
Alexandru Olea has created a gambling empire – MAGNUM
Let us briefly introduce Alexandru Olea himself. As he says, he comes from Constanta, where the ‘entertainment’ industry dominates. He grew up and was educated in a specific environment, which naturally directed him towards gambling. When he started the company, he had one goal – he wanted to take the gaming industry to the next level. The name MAGNUM, which refers to the Latin expression ‘magnum opus’, or ‘masterpiece’, was intended to be a place that provides premium services and is known throughout Romania.
Olea currently employs over 600 people, making it a tycoon in the gambling industry. By 2022, the brand was already so well-known that it was rebranded – with the development of the betting platform, it now operates under the new logo ‘MAGNUMBET’. It now operates retail gaming halls under the MAGNUM brand, a network of MAGNUMBET betting agencies and the magnumbet.ro online platform, where it offers both casino games and sports betting. Its position in the industry is so well-established that it has introduced a franchise-based cooperation model – entrepreneurs from all over the country can establish a partnership with casinos or a bookmaker.
What is the secret of Alexandru Olea’s gambling success?
This is a more complex issue that raises many questions. According to media reports, Olea works with the brothers Constantin and Gabriel Vlase. Constantin Vlase, the brother of the head of the Foreign Intelligence Service (SIE), is involved in the real estate business with Elvis Petcu, a former defendant in the Beinur clan case, known for his underworld scandals in the early 2000s. These relationships are not limited to the professional sphere; the Vlase brothers were witnesses at Olea’s wedding and baptism, indicating close personal ties.
Alexandru Olea’s activities in the real estate sector also raise considerable doubts. The company Ace Property Estate, managed by Olea and his partners, owns 12 plots of land in Pădurea Comorova, a coastal area that is being intensively cleared for development projects. Despite zero revenue in 2023, it accumulated debts of almost 2 million lei, which raises questions about the actual nature of its business.
A lot of obscurity, and not only the gambling market in the background
Olea maintains relationships with people of dubious reputation, such as Elvis Petcu, a former member of the Beinur criminal group. Together, they manage the aforementioned Ace Property Estate company, which raises concerns about the legality of their activities. In addition, Olea has unclear connections to a certain official from the National Gambling Office (ONJN) who is climbing the career ladder extremely quickly.
The headquarters of Olea’s main company, Magnum Games, also raises serious doubts as it is officially located in an unrepresentative location. Although the declared revenues reach as much as 200 million lei, which suggests that the company is doing extremely well, it is hard to believe that business operations are carried out in the location indicated in the documents.
Unfair competition, not only in the gambling business?
Alexandru Olea’s activities in the Romanian gambling and real estate industry are surrounded by numerous controversies, resulting from his connections with influential people, unclear business practices and cooperation with figures of dubious reputation. So what is the competition situation in the industry like?
To cover up his controversial activities, Alexandru Olea has launched disinformation campaigns based on unfounded accusations. Olea portrays himself as a victim of pressure and threats, but his own words contradict this narrative. He claims to have become the victim of a competitor who instigated a dispute over the use of the ‘Las Vegas’ sticker, even though there had never been any official objections to the symbol. If he really felt intimidated by its use, why does he continue to use it without any consequences?
Although Olea suggests that he has been pressured, he himself admits that no legal action has been taken against him. Such discrepancies raise legitimate questions about the real intentions behind his accusations and the way he tries to present himself as a victim. Another questionable aspect is the timing of his alleged problems. According to Olea, the situations he considers worrying took place in 2018, but he only reported them to the police in 2022. If he really felt so threatened, what prevented him from taking action against the Las Vegas brand for four years?
When analysing Olea’s activities, more and more questions arise about his methods. His cooperation with people of dubious reputation and his connections with entities operating on the edge of the law cannot be ignored. Practices related to the rental of premises by intermediaries and conflicts regarding security indicate that his way of doing business raises legitimate doubts. Pointing out minor, insignificant details such as the use of a sticker suggests that his real goal is to divert attention from his own issues.
Join our channel on Telegram and join the discussion! We look forward to hearing your opinion on the matter.
