Crimea could get further investments

An investor announced its intentions to build a gambling facility in Crimea if the local authorities provide necessary guarantees.

Russia.- An investor from Azov-City said that his company is interested in investing in Crimea if the local authorities give them the guarantees that it won’t be closed like it happened with previous business.

As revealed by AGBrief, owner of two casinos Maxim Smolentsev said that he’s waiting for proper regulations that establish that business won’t stop in the upcoming gambling zones. President Vladimir Putin signed an amended federal law that forces casinos located within Azov-City gaming zone to shut down operations by Jan 1, 2019.

Under the same federal law, gambling activities were determined to be shifted to Sochi. “I wrote a letter asking to rent facilities in Sochi, but received no reply. The same situation happened with the gambling zone in Anapa. We were not even allowed to participate in the auction,” Smolentsev said.

Shambala’s Deputy Marketing Director David Baghiyan, said that they’re ready to participate in many projects, but the main thing is to know the exact conditions, they must be clear and transparent. “In Crimea it is still unclear what the site looks like, what is the situation with communications, infrastructure and so on. Investments in the opening of Azov-City amounted to US$176.9 million, if we don’t count the state money. It is difficult to understand how much one has to invest in the gambling zone in Crimea. If there are roads, power capacity, gas, this can significantly reduce costs,” he added.