The Next Macau & Las Vegas? Crimea and Sochi See Future as Gambling Centers (MT)
On Friday, Russia’s State Duma passed a new law bringing Crimea and the post-Olympic resort town Sochi into the select group of Russian regions and territories that are allowed to establish gambling zones. Analysts say that Crimea’s budget could get a 25 billion ruble ($725 million) boost annually by establishing a gambling zone.
Gambling was outlawed across Russia in 2009 with the exception of four designated zones, established at the same time as the ban. However, only Azov-City, on the border of the Krasnodar and Rostov regions of southern Russia, has emerged as a gambling center, while planned zones in the Kaliningrad region, Primorye region and the republic of Altai are still under construction nearly five years later. Azov-City did bring in 140 million rubles in taxes last year ($3.9 million), of which 120 million came from the zone’s three casinos.
It should be noted that under Russian law, gambling zones cannot be built on government funds – meaning private investors are needed. The just passed bill also stipulates that gambling venues can only be established in Olympic facilities that were bank-rolled by private investors.
- Russia Promises Guaranteed Support If You Invest in the Crimea (RIA)
- The Crimea: Already The Next Hot Real Estate Market? (MT)
- Resolving the SE Ukraine Conflict Would be a “Massive Buy Signal” for Russia (CNBC)
- Who Are Russia’s Middle Class? Some Facts and Figures (MT)
- Russia and China to Build a Rail Bridge Across the Amur River (PR)
- Heatmap: Structure of Russian Exports (Research Affiliates)
- Private Equity Group Blackstone to pull out of Russia (FT)
- Russia as Golf’s New Frontier (WSJ)
- FATCA Fallout: Russia’s #2 Bank VTB to Stop Servicing Russia-Based US Clients (MT)
- What Russia Sanctions? Russia’s Rosneft and BP Sign Long-Term Oil Deal (MT)