Olympic Recreation Group buying SIA Garkalns

Olympic Recreation Group buying SIA Garkalns

Olympic Casino Latvia SIA, subsidiary of betting operator Olympic activity Group while (OEG), launched that it can buy a 100% stake in Latvian casino team SIA Garkalns and its particular subsidiary SIA Post-Nevada. Hence, Olympic Casino Latvia SIA would enlarge their position in Latvia. As soon as purchase is completed, OEG and its Latvian subsidiary would own and run 57 gaming facilities in the united states.

Presently, Garkalns and Post-Nevada manage up to 20 casinos across Latvia. Ten of those are situated in the nation’s capital Riga. All 20 sites feature a maximum of 432 slot machine games. Last year, the 2 organizations produced earnings of €6 million together with 245 staff.

Presently, SIA Garkalns’ share capital amounts to a little less than €2 million. The activities mentioned that they will not reveal the price of the purchase.

The purchase has to be approved by the Latvian Competition Council to be complete. OEG said that the freshly acquired casinos are expected becoming brought in conformity making use of the user’s requirements within one calendar seasons. The residential properties would subsequently getting re-branded as Olympic Casino.

Before the announcement concerning the purchase regarding the 20 Garkalns and Post-Nevada casinos, Olympic Casino went a maximum of 37 gambling venues in Latvia. Those showcased 19 gaming dining tables and 1,056 slot machines. OEG’s Latvia-based subsidiaries generated profits of €48 million back in 2014 and had 679 staff members. (más…)