Casino Presents Penticton Residents with Relocation Plan

Residents of Penticton, British Columbia were provided with additional information in the $25-million policy 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 issues that may arise through the moving for the gambling location were being among the most commonly talked about topics. The casino building shall be found between your curling rink as well as the wine center at the events complex. Its construction is anticipated to result in more than 100 parking spots being diminished. But, Penticton officials noticed that the town would build a parking that is paved nearby and any particular one might have a total of 143 stalls. The solution to your parking issues is anticipated to cost taxpayers the amount of $600,000.

The relocated casino would not spend property taxes in the 1st ten years of procedure. Yet, it’s likely to yearly contribute $1.5 million in video gaming income. In addition, Lake City Casino would yearly spend a school board tax and also will lease the building associated with the location from the city for the annual quantity of $250,000.

Lake City Casino is managed by gambling operator Gateway Casinos. The company is trying to attract the eye of future taxpayers right ahead of a planned vote on the moving proposal in 2016 january. Presently, the casino is situated within Penticton Lakeside Resort but will have to vacate its location that is present in, when its lease is scheduled to expire.

Penticton Economic Development Officer Colleen Pennington stated so it will be best for Penticton if the casino stays in the city even with its lease that is current expires. She noted that Lake City Casino has contributed approximately $40 million to the construction associated with the South Okanagan Events Centre. What is more, the casino yearly yields more than $1.5 million in gaming taxes.

Cascades Casino Penticton, due to the fact relocated venue is called, would occupy a site that is 45,000-square-foot is going to be positioned right next to the activities center. The building associated with gaming center is anticipated to price $25 million. Construction work is slated to start within the springtime of 2016, so long as it is sign into captain cooks casino i have registered given the green light by officials. The place will be finished within the springtime of 2017.

Penticton residents are going to be given the chance to acquaint themselves with more details on the proposed relocation at another available house, planned to take place 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 gambling that is latvian SIA Garkalns. The transaction had been already approved by the Latvian Competition Council.

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

Ahead of being acquired by Olympic Casino Latvia, SIA Garkalns handled 20 slots casinos in Latvia. Of these, ten were located in the nation’s money Riga and also the other ten had been in regional urban centers. All gambling venues featured a total of 432 slot machines. In 2014, the gambling that is latvian reported consolidated income of over €6 million so that as numerous as 245 employees worked at its properties around the world.

SIA Garkalns’ share money value that is nominal amounts to more than €1.9 million. However, both OEG as well as the bought business didn’t disclose the transaction’s price. OEG noted that the acquired gambling enterprises will now have become brought into conformity with their new owner’s operations and quality standards. Year this is expected to happen over the span of one calendar. The casinos will a short while later be rebranded as Olympic Casino.

Prior to purchasing SIA Garkalns and its casinos, Olympic Casino Latvia went 37 gambling venues in the country. Those featured an overall total of 19 video gaming tables and 1,068 slot machines. Last year, OEG’s Latvia-based subsidiary generated gaming income of about €48 million. As much as 679 everyone was employed at the operator’s gambling enterprises.

The announcement concerning the conclusion of the Latvia deal comes every day after OEG announced that its Estonian subsidiary Olympic Casino Eesti like would purchase casino that is local AS MC Kasiinod. the purchase had not been disclosed. Now, OEG is to run 24 casinos in Estonia.

Just before purchasing MC Kasiinod, OEG handled 20 casinos around the world with a total of 817 slot machines and 20 table games. It has added 4 brand new slots gambling enterprises with 160 video gaming devices to its current properties. The Estonia-headquartered gambling operator also operates venues in Lithuania, Italy, Poland, Slovakia, and Belarus.