Focus REPORT: GEORGIA Georgia: Vital Statistics
Capital: T’bilisi Population: 4,585,874 Land Area: 69,700 sq.m Median age: 39.1 years Languages: Georgian (official) 71%, Russian 9%, Armenian 7%, Azeri 6% and other 7% Currency: Laris (GEL) Government: Republic Chief of State: President Mikheil Saakashvili (since 2004) Head of Government: Prime Minister Nikoloz Gilauri (since 2009). Elections: President elected by popular vote for a five year term and eligible for a second term. Last election held in January 2008. Next due in 2013.
Casinos: 5 Casino Slots: 375 Casino Tables: 100 Gaming Revenue: GEL 21.5m
offering various packages for investors from land to hotel design projects, corporate profit tax and property tax exemption for 15 years and casino licences for hotels with over 80 rooms.
A new Seafront Boulevard is currently under construction, which will run from the northern bank of the mouth of the river Inguri and along a 3km stretch of the Black Sea coast. The first phase was opened in summer 2010. The development includes a 4km boulevard, yacht club, two leisure hotels, two casino hotels, restaurants, shopping centres, concert halls and theatres.
the gaMing industry In 2008 the Ministry of Finance gave out 1,290 permits in the gambling business and the duties paid to the state budget came to GEL21.5m. This was broken down to 935 permits for gaming salons and GEL7.4m paid to the budget; 99 permits for lotteries and GEL594,00 and 12 permits for lotto and GEL72,000 paid. For totalisator there were 239 permits given out and the sum paid to the budget amounted to GEL2.8m. Meanwhile casinos saw five permits given out and the sum paid was GEL10.5m.
The Georgian casino industry initially boomed after independence and whilst neighbouring countries have banned or limited gambling throughout the 1990s Georgia has allowed this industry to grow and flourish.
However back in 2005 a harsh new law was passed which saw a GEL5m (US$3m) annual licensing fee for all casinos in Tbilisi which wiped out the small operations leaving just two casinos in the capital city.
The idea behind this was to encourage casino development away from the city to other resort areas as part of a wider economic development plan.
On paper Georgia has all the boxes ticked to be a good gambling sector. For one it is surrounded by non-gambling countries. Azerbaijan has permitted gambling since 1998 but only allows legalised sports betting and lotteries, which means, many visitors from here make the trip west to Tbilisi or Batumi to play on the card tables. Although many predicted that the number of Russian visitors would increase after casinos were banned in Moscow back in 2009 it seems the
Legalised gaming
was first introduced in Georgia in 1992 after
independence, and it has always been considered as a benefit to the
country’s economy. At his time a decree was
adopted by the government called
‘On Improvement of Conduct of Lotteries and Other Prize
Winning Games in the Republic of Georgia’. This lengthy title
basically opened
the door regarding lotteries and
gaming in a bid to boost the market economy.
Although at the moment the potential is limited by only two flights per week between Tbilisi and Tehran, it does however, offer a huge market in the near future as things improve. Iran has a population of 76 million.
Legalised gaming was first introduced in Georgia in 1992 after independence, and it has always been considered as a benefit to the country’s economy. At his time a decree was adopted by the government called ‘On Improvement of Conduct of Lotteries and Other Prize Winning Games in the Republic of Georgia’. This lengthy title basically opened the door regarding lotteries and gaming in a bid to boost the market economy.
award-winning Innovation
Your
Russians are merely heading to the black market casinos instead.
However, Iranian visitors are growing. In March this year the first of a series of groups of Iranian tourists began to arrive in Georgian hotels for the start of the Iranian New Year. The groups are part of a negotiation between the two governments to establish visa free travel and also permitting travel agencies to advertise the fact to Iranian tourists.
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