Olympic buys 20 casinos in Latvia
Tallinn-based casino operator Olympic Entertainment Group (OEG) purchased 10 casinos in Riga and 10 in smaller cities of Latvia, by acquiring Latvian casino operator SIA Garkalns.
OEG's Latvian subsidiary completed the acquisition which will see the company adding 20 casinos with 432 slot machines to its current network – Olympic already had 37 casinos in the country.
OEG's Latvian subsidiaries had a revenue of approximately 48 million euros and employed almost 700 people last year.
OEG is the leading provider of gaming services in the Baltics and also operates casinos in Poland, Slovakia, Belarus and Italy. The company operates 20 casinos in Estonia, 37 in Latvia, 16 in Lithuania, 2 in Poland, 7 in Slovakia, 2 in Belarus and 12 in Italy. OEG was founded in 1993 by entrepreneur Armin Karu who is still the majority shareholder. His personal wealth is estimated at over 150 million euros.