Olympic Casino to invest EEK 90 mln in the Baltics' most impressive casino in Riga
Posted on 15.02.2006Olympic Entertainment Group (Olympic Casino), the leading casino operator in the Baltic states, will invest EEK 90 mln in the Baltics' largest casino in Reval Hotel Latvija in Riga. The modern entertainment complex will cost EEK 90 million and open doors this spring.
The new entertainment centre that will be named Olympic Voodoo Casino will have 1,800 square metres of floor space and by current plans will open doors by May 1st this year. In addition to 115 latest slotmachines and 25 gaming tables, the casino will feature a sushi restaurant, a modern stage integrated into the gaming hall and a large bar.
Armin Karu, Chairman of Olympic Casino, said that until now the largest casino in the Baltic states is in Lithuania in Reval Hotel Lietuva. "After Olympic Voodoo Casino opens doors the most remarkable casino in the Baltic states will unquestionably be in Riga," said Mr. Karu.
According to Heikki Vanhanen, CEO of Reval Hotel Latvija, the new casino would become a major attraction for the hotel and for Riga in general. "Until now Reval Hotels and Olympic Casino have successfully cooperated in Estonia and Lithuania. This experience proves that the partners trust each other and it is nice that we will be able to develop joint business also in Latvia," said Mr. Vanhanen. "The Voodoo casino that used to operate in the building of Reval Hotel Latvija was one of the most popular venues in the town and I have no doubt that the new larger and more modern Olympic Voodoo Casino will attract even more customers."
Extensive rebuilding works in Reval Hotel Latvija began at the end of last year. The new casino is being developed in the ground floor of the hotel's extension. The company plans to invest EEK 90 mln in the Olympic Voodoo Casino that will take up part of the premises of the former casino in Reval Hotel Latvija. According to Mr. Karu, the company plans to invest EEK 120 million for strengthening its market position in Latvia this year. "The recent acquisition of Latvia's second-largest casino operator Baltic Gaming AS enables us to improve our position sharply and become the market leader in the next few years," said Mr. Karu. At present the market share of Olympic Casino in Latvia's dispersed gaming market is 15 percent.
On December 18th, 2005, Olympic Casino and Baltic Gaming AS signed a contract under which Olympic Casino acquired 32 slot halls that until then operated under the Bumerangs brand and the Voodoo casino in Reval Hotel Latvija. All casinos acquired under the contract will remain open and most of them will be rebranded as Olympic Casinos during this year.
Olympic Entertainment Group, the largest casino operator in the Baltic states, operates 19 casinos in Estonia, 39 in Latvia, 8 in Lithuania and 4 in Ukraine. Olympic Casino employs more than 1,900 people in the Baltic states and in Ukraine. The company has obtained a certificate under the international quality standard ISO 9001. Olympic Casino is the sponsor of the Estonian Olympic Committee and full member of the European Casino Association.
For additional information please contact:
Finance Director of Olympic Entertainment Group
Phone: +372 667 1250