OEG Buys SIA Garkalns

Olympic Casino Latvia SIA, an OEG company, has signed an agreement to acquire 100 percent of shares in Latvian casino operator SIA Garkalns, which owns the subsidiary SIA Post-Nevada.

Eastern European casino operator Olympic Entertainment Group has acquired the operations of Latvian casino company SIA Garkalns, as well as its subsidiary, SIA Post-Nevada.

The two companies operate 20 slots parlors in Latvia, 10 in the capital of Riga, for total of 432 slot machines, reported CalvinAyre.com. In 2013, OEG acquired SIA Altea, owner of 17 Latvian slots halls. On completion of the transaction, OEG will own 57 casinos in Latvia. No price was disclosed. In 2014, the Latvian subsidiaries of OEG had revenue of approximately €48 million (US$52.3 million) and employed 679 people.