Olympic Entertainment Group acquires Latvian casino operator

Eastern European casino operator Olympic Entertainment Group (OEG) has acquired the operations of Latvian casino outfit SIA Garkalns and its SIA Post-Nevada subsidiary.

The two target companies operate 20 slots parlors in Latvia – 10 in the capital Riga and 10 regional facilities – comprising a total of 432 slot machines. The move follows the 2013 acquisition of the SIA Altea business, which comprised 17 Latvian slots halls, bringing OEG’s total Latvian presence to 56 gaming halls offering nearly 1,500 slots and 19 gaming tables.

Terms of the deal weren’t disclosed but SIA Garkalns and SIA Post-Nevada generated revenue of €6m in 2014. The deal still requires the approval of the Latvian Competition Council. Assuming that’s forthcoming, the properties will eventually be rebranded under the Olympic Casino banner.

OEG CEO Madis Jääger said his firm was “in the middle of a year of intense expansion.” In March, OEG subsidiary Olympic Casino Eesti AS acquired two casinos in Estonia from Casino Celopatra, boosting OEG’s Estonian presence to 20 gaming facilities. Jääger said OEG is also working on “a large project to enter the market in Malta” in addition to building OEG’s “flagship casino and the first Hilton in the Baltics.”