Olympic Entertainment Group loses Latvian lawsuit
Reading Time: 1 minute
The listed Estonian casino operator Olympic Entertainment Group (OEG) announced on Friday that it has received a decision of the District Administrative Court in Riga concerning the OEG casino at the address 1 Pragas Street, in which the court has ruled in favor of the Riga City Council.
According to the city council’s decision, the casino has to close in October 2022. OEG will appeal the decision to higher level court, OEG said in a disclosure to the stock exchange.
42 gambling halls were struck by Riga City Council’s decision to close them (apart from those located in five- or four-star hotels) back in May 2017.
Their respective operators have turned to court to appeal the decision and keep their operations running but it seems that there is no good news ahead for gambling companies.
Olympic Entertainment Group CEO Madis Jääger had previously asserted that – should the Court rule as it just has – the operator (which operates seven out of the 42 halls affected) “will appeal the decision to higher level court.” Still, the company will see its Olympic Voodoo Casino’s revenues benefit from the City Council’s decision as it doesn’t fall under the ban and will attract gamblers from all the other venues.
Source: European Gaming Industry News