Casino News

Latvia casino group reveals $6m profit

2008-10-23 12:46:13

Olympic Casino Latvia has announced that it earned LVL 3.43 million ($6.27 million) in profit last year.

The Baltic Course reports that the gaming venue's turnover more than doubled to LVL 24,002,839 during 2007, up from LVL 11,760,007 in the previous year.

This helped its profits to increase by just under LVL 1 million, bucking global trends that have seen casinos across the world release declining revenue figures over the past few months.

Olympic Casino Latvia is a subsidiary of Olympic Entertainment Group and is Latvia's second largest casino operator.

Its profit announcement follows a summer of redundancies from several major gambling companies in the US, which have been forced to try to cut costs due to recent problems in the world's money markets.

The Chinese administrative district of Macau, the world's richest casino destination, is one place that also appears to be holding up well to ongoing economic pressures.