Olympic Casino acquires Latvia’s third largest casino operator
Posted on 26.10.2007
After the transactions, the market share of OEG on the Latvian gaming market will increase to 25 pct. According to Andri Avila, member of the Management Board of OEG, Olympic Casino is Latvia’s second largest casino operator and the acquisition of Admirāļu Klubs will strengthen the company’s position. „There are now 18 companies operating on the dispersed Latvian casino market. Therefore, the current merger of two large casino chains and the on-going consolidation of the gaming market make a lot of sense. Today’s transaction is in line with our main objective to be the market leader and pioneer on every market,” noted Avila. Today OEG is a clear market leader in Estonia and Lithuania and its market share is rapidly growing also in Poland and Ukraine.
Admirāļu Klubs operates 60 casinos in Latvia. The company’s turnover in the first nine month of 2007 was 16.4 million euros. „Admirāļu Klubs has been in the forefront of the Latvian casino chains for 13 years and its gaming locations are well established,” explained Avila.
OEG entered the Latvian gaming market in 2002. Following the acquisition of Admirāļu Klubs, the company will employ more than 1600 people in Latvia.
Olympic Entertainment Group that operates under the Olympic Casino brand name is the largest provider of casino entertainment in the region, employing around 3,500 people. OEG is the full member of the European Casino Association (ECA). At present the Group operates casinos in Estonia, Latvia, Lithuania, Belarus, Ukraine, Romania and Poland, and has set up a subsidiary in Slovakia. Shares of Olympic Entertainment Group are traded in the Main List of the Tallinn Stock Exchange and the Warsaw Stock Exchange.
Member of the Management Board
Olympic Entertainment Group
Phone + 372 667 1250