Latvia, Markets and Companies

Profit of the Olympic Casino Latvia in 2007 amounted to LVL 3,434,738 and the turnover totalled LVL 24,002,839.

"Although our parent company Olympic Casino Entertainment suffered losses, in Latvia we have been able to conclude the year with profit, furthermore, we also made significant investments," Pakarklis underlined.

He drew attention to the fact that last year Olympic Casino Latvia increased its market share by 1%, compared with year 2007, thus now it has 16% share of the gambling market in Latvia.

"The economic situation in Latvia and in several other countries is really difficult now, and the entertainment industry is one of the sectors which feels the impact of the crisis the most. Although we had to close down several unprofitable casinos, overall we continue work, because people wish to relax also in difficult times," Pakarklis said.

In 2008, Olympic Casino Latvia paid LVL 8.6 million in taxes, which is a 9% increase year-on-year. The largest sum of money – LVL 2.48 was paid as gambling tax.

Olympic Casino Latvia is the second largest casino company in Latvia, its parent company Olympic Entertainment Group is the major gambling halls and casino operator in the region, it owns casinos in Estonia, Latvia, Lithuania, Belarus, Ukraine, Romania, Poland and Slovakia.

Altogether, Olympic Entertainment Group owns 133 casinos, which, at the end of 2008, employed 3,924 persons, of which 780 in Latvia.