Reports RUSSIA - MARKET UPDATE
three casinos – Oracle, Shambala and Nirvana. But due to a government decree to move the gambling zone to another location, businesses within Azov City had to be liquidated by the end of 2018 as the gambling facilities were shifted to a newly created gambling zone which promised to be more successful and located in the former Winter Olympics host city of Sochi. Shambala and Royal Time Group (Oracle) had invested around RUB6bn in the Azov City zone and there was huge uproar due to investment and job losses. Te gambling zone is regulated by the Department of Property Relations of the Krasnodar Region.
‘Yantarnaya’ (Kaliningrad region) is located on the Baltic coast and was initially expected to host up to 15 gaming facilities and 20+ hotels including sporting facilities and retail outlets. But today the region only has two venues - Magic Cristal which opened in April 2016 with two gaming halls and 150 slots and a bar. Te second, Sobranie Casino was opened a year later in 2017 and is said to be one of the largest in Europe with a gaming hall with 350 slots and 14 tables, restaurants and bar and cost around RUB3.5bn in total, whilst the operation was taken over by Uni Gaming Company.
Tis area has struggled. When it began, large sums of money (around RUB14bn) were quoted for investments with returns of up to RUB45bn promised by 2024. In reality, only RUB3bn was invested into projects. Te zone is regulated by the Ministry of Regional Control of the Kaliningrad region.
‘Siberian Coin’ (Altai region) has only one casino in this gambling zone. Te Altai Palace opened in 2014 and is owned by RTG Baltic and includes a casino, four star hotel, restaurant, nightclub, bar and other facilities. Tere are 16 gaming tables, four poker tables, two electronic roulette and 133 slots. Altai Palace’s revenue for 2019 was RUB287m whilst it is reported some 140,000 people visited the gambling zone in 2019.
In 2019, a second casino resort was announced for development that would open in 2024 with an investment of RUB3.6bn. It would include a gaming hall with 300 slots and 10 tables, hotel complex, restaurant, gym and conference hall. Te investment company is Golden Swallow 8 and construction began in June last year. Te region is regulated by the Department of Tourism and Resorts Development of Altai region.
Te decision to create a fifth zone called Gold Coast (Crimea) dates back to 2014 although the official decree to set up the gambling zone wasn’t signed until 2019. Te development area is located on the southern coast of the disputed region of Crimea and will be made up of a total of 146,851sq.m in the village of Katsiveli, in the Yalta Municipality. It is regulated by the Ministry of Finance of the Republic of Crimea.
P256 WIRE / PULSE / INSIGHT / REPORTS
‘Yantarnaya’ is located on the Baltic coast and was initially expected to host up to 15 gaming facilities and 20+ hotels including sporting facilities and
retail outlets. But today the region only has two venues - Magic Cristal which opened in April 2016 and Sobraine Casino which opened in 2017.
Plans to build at the former health centre resort site called Fortune has begun with an opening date of 2024 cited. Te 15 hectare plans include a casino, five star hotel with RUB3bn investment rumoured.
Yalta’s Gold Coast (Zolotoy Bereg) is a popular, and yet undeveloped area, alongside the popular Black Sea coast line.
It is rumoured this development could rake in around RUB400m within five years for state budgets.
Prior to the invasion, the Crimean resorts saw around six million tourists per year, the majority of these were from the Ukraine. In 2018, the Gold Coast only saw around half a million tourists. Under Russian control there is some concern about who the target market of the Crimean casino will be?
In 2019, a second casino
resort was announced for development that would open in 2024 with an
investment of RUB3.6bn.
It would include a gaming hall with 300 slots and 10 tables, hotel complex, restaurant, gym and conference hall. Te
investment company is Golden Swallow 8 and construction began in June last year.
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