Russia Announces Approval for Gambling Zones in Crimea and Sochi

Crimea and Sochi set to become new gaming destinations for tourists, as Russian government grants them special gambling zones.

The Russian parliament has received a draft bill from President Vladimir Putin indicating the Ukrainian peninsula of Crimea as a legitimate gambling area. The local governments of the respective regions will be in charge of determining the exact locations of the gambling zones.

According to gambling news, estimates show that the Crimean gaming area could bring in an additional $720 million (EUR 530 million).

First Deputy Chairman of the Duma Committee, Anatoly Karpov, stated, “The creation of a gambling zone in Crimea will attract additional investment to the region, create jobs and improve the tax base. [Moreover] an increase in tourism as well as the development of hotel businesses and catering can be expected.”

Grand plans for the gambling zones

The current plan is to make initial investments of $100 million, while the overall cost of the project could bring it closer to $1 billion. Considering the endless opportunities with the gambling zones, there are no shortages of potential investors for the project. Many suitors are already lining up to be picked as a partner in the ambitious development.

The Government also expressed support for a Sochi gaming zone. The city is located on the Black Sea and has just recently hosted the 2014 Winter Olympic and Paralympics Games, so it already has some established facilities for tourists.

According to a bill passed in 2009, Russian gambling laws prohibited gaming across the nation except for special regions: Krasnodar, Kaliningrad, Altai and Vladivostok. However, now it seems that the government has reconsidered its stance on the affair.