Olympic Entertainment has signed an agreement to acquire 100 per cent of the shares in Latvian casino operator SIA Garkalns and its subsidiary Post-Nevada.

Madis Jaager

The two companies to be acquired have 20 slot casinos in Latvia: 10 in the country’s capital city of Riga and 10 in the regional cities. They have a total of 432 slot machines.

In 2014 the companies revenue was more than €6m which accounted for four per cent of the Latvian casino market.

Madis Jääger, CEO of OEG, said: “We are in the middle of a year of intense expansion – in addition to the acquisition in Latvia we are working on a large project to enter the market in Malta and at the same time we are building our flagship casino and the first Hilton in the Baltics.”

He added: “The plan is actually very simple – we will bring the acquired casinos into compliance with the standards of Olympic Casino and with that significantly increase their success.”

Upon completion of the transaction, after approval from the Latvian Competition Council, Olympic will own 57 casinos in Latvia.