Olympic Casino Group acquires a Latvian gambling operator

Posted on 03.09.2002

On Friday, August 30th, Olympic Casino Group signed a contract for acquiring the shares of Casino Daugava, a Latvian gambling operator. The contracting parties have agreed not to disclose the purchase price. As a result of the transaction, Olympic Casino is close to becoming the first gambling operator whose chain of casinos spans all three Baltic countries.

On Friday Mr Armin Karu, Chairman of the Management Board of Olympic Casino Group, and Mr Karl Heinz Mingler, Manager of Radisson SAS Daugava, one of the most exclusive hotels in Riga, signed a contract under which the first Olympic Casino that will open its doors in Latvia at the beginning of next year will be located in Radisson SAS Daugava. "The Latvian market is extremely competitive and it will be a real challenge for us to break through in Latvia," said Mr Armin Karu of Olympic Casino Group. According to the Chairman, after Olympic Casino Group became a market leader in Estonia, expansion into Latvia and Lithuania has been the cornerstone of its development strategy and specific steps of development have been well prepared.

In the opinion of Mr Karu, the casino market in Latvia and especially in Riga has an extraordinary number of operators. The main potential strength of Olympic Casino in competition is its Las Vegas-type casino concept adopted in existing casinos where gambling has been turned into an essential part of a diversified cultural and entertainment programme. "Our concept has proven to be successful in both Estonia and Lithuania and I hope that Latvia will not be an exception in this regard," said Mr Karu.

Olympic Casino Group that has fourteen gambling halls in Estonia and three in Lithuania is the market leader in both of these countries. The company's flagship is Reval Park Hotel&Casino in Tallinn, the largest casino in the Baltic countries.

In 2001 Olympic Casino Group paid EEK 50 million in tax in Estonia. In the Äripäev Top 100 Estonian companies, Olympic Casino Group AS was ranked 14th.

Attached photo: General Manager Radisson Riga Karl Heinz Mingler&Chairman of Olympic Casino Group Armin Karu last Friday in Riga after signing a contract for cooperation.

For additional information please contact:
Armin Karu, Chairman of the Management Board, Olympic Casino Group, Tel (+372) 667 1250

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