OEG acquires Latvian casino operator SIA Garkalns
On completion of the transaction OEG will own 57 casinos in Latvia. The parties agreed not to disclose the price of the transaction.
Garkalns and its subsidiary Post-Nevada have 20 slot casinos in Latvia, ten of which are located in the country’s capital city Riga and ten in the regional cities, and have a total of 432 slot machines. In 2014, Group revenue was over €6 and 245 people were employed.
The completion of the transaction is dependent on the ordinary conditions, including the approval from the Latvian Competition Council. The casinos to be acquired will be brought into compliance with the quality standards of OEG within one year, after which they will be rebranded as Olympic Casino.
Before acquiring Garkalns and its subsidiary Post-Nevada, Olympic Casino had 37 casinos in Latvia with 1,056 slot machines and 19 gaming tables. In 2014, the Latvian subsidiaries of OEG had revenue of approximately €48m and employed 679 people.
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