Olympic Entertainment Group (OEG) Has Acquired the Latvian Casino Operator SIA Altea
Posted on 28. June 2013
Olympic Entertainment Group has acquired the Latvian casino operator SIA Altea as a result of a transaction that almost doubles the number of OEG casinos in Latvia up to 38.
Commenting on the purchase transaction, Madis Jääger, the OEG Executive Director, said that the strong side of Altea is its network of casinos, which will provide OEG with good opportunities for growth in the market where the obtaining of new licences is limited. “By adding a significant number of new casinos to our network, we see good potential for increasing operational turnover and market share in Latvia,” explained Jääger, adding that the acquired branches will be transformed in accordance with the OEG quality standards within a year, simultaneously with the brand change to Olympic Casino.
OEG has acquired Altea, which was established in 1994, together with 17 gaming machine casinos, most of which currently operate under the Džekpots Halle brand. Nine casinos are located in Riga and eight beyond its territory, in total using 345 gaming machines. In 2012 the income of Altea constituted about EUR 3 million and its staff included 138 employees.
Prior to the acquisition of Altea, Olympic Casino owned 21 casinos in Latvia with 676 gaming machines and 24 gambling tables. In 2012 the income of Olympic Casino Latvia was about 30 million euros and the company had 480 employees.
With more than 2300 employees, Olympic Entertainment Group is the leading organiser of gambling games in the region. OEG is a fully-fledged member of the European Casino Association and it owns casinos in Estonia, Latvia, Lithuania, Belarus, Poland, Slovakia and Italy. OEG stocks are traded at the Tallinn Stock Exchange, in the main list, and at the Warsaw Stock Exchange. All casino operators of the Olympic Entertainment Group are responsible companies, who duly inform clients about the risks involved in gambling.
Olympic Entertainment Group
Phone +372 667 1250