Further to OEG’s announcement published on 18.10.2017 “OEG filed an action with a court regarding the decisions of cancellation of a permit to organise gambling activities in two casinos located in Riga”, OEG announces that it has filed an action with a court regarding the decisions of cancellation of a permit to organise gambling activities in additional five casinos located in Riga.
OEG published on 24.05.2017 stock exchange announcement about the plan of Riga City Council to ban gambling in Riga’s historical centre. OEG Latvian subsidiary Olympic Casino Latvia SIA has received in total seven decisions taken by Riga City Council and filed actions with a court regarding the decisions of cancellation of a permit to organise gambling activities in seven casinos located in Riga with the transition period of five years. According to the decision taken by Riga City Council two of these casinos should be closed by September 2022 and five casinos by November 2022.
After five years’ time (autumn 2022) the total number of casinos to be closed in Riga’s historical centre is up to 42, from which 7 belongs to OEG subsidiary.
OEG is in the position that the decision of cancellation of a permit to organise gambling activities in Riga’s historic centre is against the Latvian legislation in force and based on that OEG is filing an action with a court requesting to have the decision declared invalid.
In case of the most negative scenario the subsidiary of OEG have to close not earlier than in autumn 2022 the 7 slot casinos in Riga’s historical centre. OEG’s flagship casino in Riga – Olympic Voodoo Casino – does not fall under the ban and in the long run the imposition of the ban rather has a positive impact on the revenues of Olympic Voodoo Casino.
Madis Jääger
CEO
Olympic Entertainment Group AS
Tel + 372 667 1250
E-mail madis.jaager@oc.eu
http://www.olympic-casino.com