Supplier News
Baltics – Olympic completes hat trick of acquisitions
By Phil - 16 December 2015
Olympic Entertainment Group has completed the purchase of three Baltic-based gambling companies one in Latvia, one in Lithuania and one in Estonia.
In Latvia it has completed the purchase of casino operator SIA Garkalns, who operates 20 slot casinos in Latvia, ten of which are located in the country’s capital city Riga and ten in the regional cities, and have a total of 432 slot machines. In 2014, consolidated revenue of acquired company was more than €6m and the company employed 245 people. SIA Garkalns has by now merged with its 100 per cent owned subsidiary SIA Post-Nevada. The acquisition has increased the market share of OEG in the Latvian gambling sector. As a result of the completion of the transaction OEG now owns 57 casinos in Latvia.
The acquired casinos will be brought into compliance with the quality standards of OEG within one year, after which they will be rebranded as Olympic Casino.
Before the acquisition of Garkalns, Olympic Casino had 37 casinos in Latvia with 1,068 slot machines and 19 gaming tables. In 2014, the Latvian subsidiary of OEG had revenue of approximately EUR 48 million and employed 679 people.
In Estonia, Olympic has bought casino operator AS MC Kasiinod, which is also the 100 per cent owner of the subsidiary OÜ Oma & Hea, which is providing casino bar services. The purpose of the acquisition is to increase the market share in Estonia. On the completion of the transaction OEG will own 24 casinos in Estonia.
MC Kasiinod has 4 slot casinos in Estonia and has a total of 160 slot machines. In 2014, companies’ revenue was EUR 3 million and employed 65 people.
Before acquiring MC Kasiinod and its subsidiary Oma & Hea, Olympic Casino had 20 casinos in Estonia with 817 slot machines and 20 gaming tables. In 2014, the Estonian casino entity of OEG had revenue of approximately €32m and employed 446 people.
Meanwhile in Lithuanian, Olympic has bought sports-betting operator UAB Orakulas, who has 35 betting shops in Lithuania, 12 of which are located in the country’s capital city Vilnius and twenty-three the regional cities. In 2014, company’s revenue was a bit less than €4m and employed 155 people.
Before acquiring Orakulas, Olympic Casino had 18 casinos in Lithuania with 556 slot machines and 64 gaming tables. In 2014, the Lithuanian subsidiaries of OEG had revenue of more than EUR 22 million and employed more than 700 people.
