Casino Presents Penticton Residents with Relocation Plan

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Casino Presents Penticton Residents with Relocation Plan

Residents of Penticton, British Columbia were provided with more details regarding the $25-million plan for the relocation of Lake City Casino at the South that is local Okanagan Centre. On citizens were given the opportunity to voice their concerns or to express their support for the project tuesday.

Parking problems that may arise through the moving associated with the gambling place were among the most commonly discussed subjects. The casino building shall be located between your curling rink while the wine center at the events complex. Its construction is anticipated to bring about a lot more than 100 parking spots being diminished. Nonetheless, Penticton officials noticed that the town would build a parking that is paved nearby and this one would have a complete of 143 stalls. The perfect solution is towards the parking issues is anticipated to price taxpayers the total amount of $600,000.

The relocated casino would perhaps not spend property fees in the first a decade of procedure. Yet, it really is likely to yearly add $1.5 million in gaming revenue. In addition, Lake City Casino would annually pay a school board tax and also will rent the building associated with venue from the town for the amount that is annual of250,000.

Lake City Casino is managed by gambling operator casino titan europe Gateway Casinos. The business is seeking to attract the interest of future taxpayers right in front of a scheduled vote in the relocation proposal in 2016 january. Presently, the casino is located within Penticton Lakeside Resort but will have to vacate its location that is present in, whenever its lease is scheduled to expire.

Penticton Economic developing Officer Colleen Pennington stated so it is great for Penticton if the casino remains in the city even with its present lease expires. She noted that Lake City Casino has added approximately $40 million towards the construction associated with the South Okanagan Events Centre. What is more, the casino annually creates a lot more than $1.5 million in video gaming fees.

Cascades Casino Penticton, whilst the relocated venue could be called, would occupy a site that is 45,000-square-foot will likely be located right next to your events center. The building regarding the video gaming center is anticipated to cost $25 million. Construction work is slated to start into the springtime of 2016, provided that it’s given the light that is green officials. The place will be completed in the springtime of 2017.

Penticton residents is given the opportunity to acquaint by themselves with an increase of information on the relocation that is proposed another open house, planned to happen on December 8.

Olympic Entertainment Group Acquires Latvia’s SIA Garkalns

Olympic Entertainment Group (OEG) announced earlier in the day today that its Latvia-based subsidiary Olympic Casino Latvia SIA has finished the purchase Latvian gambling operator SIA Garkalns. The deal had recently been authorized by the Latvian Competition Council.

The acquisition that is announced as an element of OEG’s strategy to further expand its existence while increasing its share of the market in Latvia. Utilizing the transaction being completed, OEG and its particular subsidiary that is local now a total of 57 casinos in the nation.

Just before being obtained by Olympic Casino Latvia, SIA Garkalns managed 20 slots gambling enterprises in Latvia. Of those, ten were located in the united kingdom’s capital Riga plus the other ten were in local towns. All gambling venues featured a total of 432 slots. In 2014, the Latvian gambling operator reported consolidated revenue of over €6 million and also as many as 245 workers worked at its properties across the country.

SIA Garkalns’ share money nominal value currently amounts to significantly more than €1.9 million. Nevertheless, both OEG plus the bought company didn’t reveal the deal’s cost. OEG noted that the acquired gambling enterprises will have to be now brought into compliance with their new owner’s operations and quality criteria. Year this is expected to happen over the span of one calendar. The casinos will be rebranded as afterwards Olympic Casino.

Prior to SIA that is buying Garkalns its gambling enterprises, Olympic Casino Latvia went 37 gambling venues in the united kingdom. Those featured a total of 19 gaming tables and 1,068 slot machines. Last year, OEG’s Latvia-based subsidiary generated gaming revenue of approximately €48 million. Up to 679 individuals were used during the operator’s gambling enterprises.

The statement in regards to the completion of this Latvia transaction comes a day after OEG announced that its Estonian subsidiary Olympic Casino Eesti AS would purchase neighborhood casino company AS MC Kasiinod. the purchase had not been disclosed. Now, OEG is always to run 24 gambling enterprises in Estonia.

Just before MC that is buying Kasiinod OEG handled 20 gambling enterprises around the world by having a total of 817 slot machines and 20 dining table games. It has added 4 brand new slots casinos with 160 gaming products to its existing properties. The gambling that is estonia-headquartered also operates venues in Lithuania, Italy, Poland, Slovakia, and Belarus.

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