Announcements

OEG filed an action with a court regarding the decisions of cancellation of a permit to organise gambling activities in two casinos located in Riga

Posted on 19.10.2017

OEG published on 24.05.2017 stock exchange announcement about the plan of Riga City Council to ban gambling in Riga’s historical centre. OEG Latvian subsidiary Olympic Casino Latvia SIA has received two decisions taken by Riga City Council and filed an action with a court regarding the decisions of cancellation of a permit to organise gambling activities in two casinos located in Riga with the transition period of five years. According to the decision taken by Riga City Council these two casinos should be closed by September 2022.

According to the Riga City Council decisions taken on 18.10.2017, Olympic Casino Latvia SIA might receive decisions of cancellation of a permit to organise gambling activities for additional five casinos. After five years’ time (autumn 2022) the total number of casinos to be closed in Riga’s historical centre is up to 42, from which 7 belongs to OEG subsidiary.

OEG is in the position that the decision of cancellation of a permit to organise gambling activities in Riga’s historic centre is against the Latvian legislation in force and based on that OEG is filing an action with a court requesting to have the decision declared invalid.

In case of the most negative scenario the subsidiary of OEG have to close not earlier than in autumn 2022 the 7 slot casinos in Riga’s historical centre. OEG’s flagship casino in Riga – Olympic Voodoo Casino – does not fall under the ban and in the long run the imposition of the ban rather has a positive impact on the revenues of Olympic Voodoo Casino.

Madis Jääger
CEO
Olympic Entertainment Group AS
Tel + 372 667 1250
E-mail madis.jaager@oc.eu
http://www.olympic-casino.com

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