Casino Presents Penticton Residents with Relocation Plan

Residents of Penticton, British Columbia were supplied with additional information in the $25-million plan for the relocation of Lake City Casino during the local South Okanagan Events Centre. On Tuesday, residents got the opportunity to sound their concerns or even to express their support for the task.

Parking problems that may arise from the moving of this gambling location had been among the most widely discussed subjects. The casino building shall be positioned between your curling rink and the wine center during the occasions complex. Its construction is expected to result in significantly more than 100 parking spots being diminished. However, Penticton officials pointed out that the town would build a parking that is paved nearby and any particular one would have a complete of 143 stalls. The perfect solution is towards the parking issues is anticipated to cost taxpayers the total amount of $600,000.

The casino that is relocated perhaps not pay property fees in the 1st a decade of procedure. Yet, it is likely to annually add $1.5 million in gaming revenue. In addition, Lake City Casino would annually pay a school board tax and will also rent the building associated with the venue from the city for the annual quantity of $250,000.

Lake City Casino is managed by gambling operator Gateway Casinos. The company is seeking to attract the eye of future taxpayers royal casino las vegas kaarten right ahead of a planned vote on the moving proposition in January 2016. Currently, the casino is situated within Penticton Lakeside Resort but will have to vacate its present location in 2017, whenever its rent is defined to expire.

Penticton Economic Development Officer Colleen Pennington said so it is great for Penticton if the casino stays in the city even with its current rent expires. She noted that Lake City Casino has contributed approximately $40 million towards the construction of this South Okanagan Events Centre. What’s more, the casino annually creates a lot more than $1.5 million in video gaming fees.

Cascades Casino Penticton, whilst the relocated venue is called, would occupy a 45,000-square-foot website and will likely be positioned right next towards the occasions center. The building of this gaming facility is anticipated to cost $25 million. Construction work is slated to begin within the springtime of 2016, provided that it’s offered the light that is green officials. The venue is usually to be finished within the spring of 2017.

Penticton residents will likely be provided the chance to acquaint themselves with an increase of details on the proposed relocation at another available house, planned to occur 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 completed the purchase Latvian gambling operator SIA Garkalns. The deal had recently been approved by the Latvian Competition Council.

The acquisition that is announced included in OEG’s technique to further expand its presence while increasing its share of the market in Latvia. With the transaction being completed, OEG and its particular subsidiary that is local now a total of 57 gambling enterprises in the nation.

Prior to being acquired by Olympic Casino Latvia, SIA Garkalns handled 20 slots gambling enterprises in Latvia. Of those, ten were located in the united kingdom’s money Riga therefore the other ten were in regional cities. All venues that are gambling a total of 432 slot machines. In 2014, the gambling that is latvian reported consolidated revenue of over €6 million and as many as 245 employees worked at its properties across the country.

SIA Garkalns’ share capital nominal value currently amounts to a lot more than €1.9 million. Nevertheless, both OEG and the bought company do not reveal the transaction’s cost. OEG noted that the acquired gambling enterprises will are in possession of become brought into compliance with their brand new owner’s operations and quality criteria. Year this is expected to happen over the span of one calendar. The gambling enterprises will a while later be rebranded as Olympic Casino.

Just before SIA that is buying Garkalns its gambling enterprises, Olympic Casino Latvia went 37 gambling venues in the nation. Those featured an overall total of 19 video gaming tables and 1,068 slot machines. Last year, OEG’s Latvia-based subsidiary generated gaming revenue of approximately €48 million. As many as 679 individuals were employed during the operator’s gambling enterprises.

The announcement about the completion regarding the Latvia transaction comes per day after OEG announced that its Estonian subsidiary Olympic Casino Eesti AS would purchase local casino business AS MC Kasiinod. the purchase had not been disclosed. Now, OEG would be to run 24 gambling enterprises in Estonia.

Ahead of buying MC Kasiinod, OEG managed 20 gambling enterprises around the world having a total of 817 slots and 20 dining table games. It’s added 4 brand new slots gambling enterprises with 160 video gaming devices to its properties that are existing. The Estonia-headquartered gambling operator also operates venues in Lithuania, Italy, Poland, Slovakia, and Belarus.