Published: 30.10.2019, 14:03
2 min read
Russian Prime Minister, Dmitry Medvedev, signed a decree which is set to take gambling to a new level in Russia. The order approves the establishment of the Golden Coast gambling zone in Yalta, Crimea. It will cover 147000 square meters. The consensus agreement was on the village of Katsiveli, settled on during public speaking. The zone expects that the government will launch its first casino by 2022, assuming the government to pick the district by 2020.
Last month, the Russian Finance Ministry received requests to establish a gambling zone in the area by the Crime administration. Aleksey Chelpanov, the Yalta administration head, explained that the former Fortuna health resort would facilitate the gambling zone. Aknesov reported that all decisions concerning the Crimea gambling zone had all been concluded and executed.
The 2014 annexation of Crimea by Russian led to many western nations introducing financial sanctions to the region. The European Union, not so long ago, extended the ban, thus preventing any EU states from investing in Crimea. This means that the ban will remain intact for a minimum of twelve months.
Further, in September, the US confirmed that unless Russia removes itself from Crimea, then its sanctions on the region would remain intact. Thus, this has locked out many potential investors. This is because any company wishing to make investments in this new zone must either be Russian or from a nation with good relations with the country. Some of the potential investors are from Cambodia and China.
Crimea already hosts numerous sports betting shops. Hence, with the recently approved project, the locals will be lucky also to enjoy casino gambling.
