Click Now!

Gambling Zones Approved in Crimea and Sochi

Gambling Zones Approved in Crimea and Sochi

The Russian State Duma has passed a bill which will see the establishment of gambling zones in Crimea and Sochi. It is hoped that this will lead to increased tourism to the areas as well as investment.

Gambling Zones Approved in Crimea and Sochi

The Russian State Duma has passed a bill approving the establishment of gambling zones in Crimea and Sochi.

Anatoly Karpov, the First Deputy Chairman of the Duma Committee, “The creation of a gambling zone in Crimea will attract additional investment to the region, create jobs and improve the tax base.”

 

It is thought that a gambling zone could bring in an extra $720 million to the Crimean economy.

Furthermore, Karpov said that “an increase in tourism as well as the development of hotel businesses and catering can be expected”.

Sergey Aksyonov, the head of the Crimean government, said that the gambling zone will probably be located in Yalta, but an exact spot has not yet been decided.

It is thought that there will be at least $100 million of initial investment, but some think it could reach as high as $1 billion. There have already been numerous proposals submitted to the authorities from potential investors.

Sochi’s gambling zone is likely to be in Gornaya Karusel, part of the Esto-Sadok Krasnaya Polyana resort. At present this is owned by Sberbank and has a very low tourism rate.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments