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Crimea gambling zone gets new investor

A major Russian company is gearing up to invest around RUB 8 billion (US$137 million) in the Crimea gambling zone, according to comments from the peninsula's head Sergei Aksenov at the Sochi Forum, reported by local media.

Aksenov refused to name the investor due to "the sanctions regime" imposed by the West against Russia. He noted that a concept for developing the gambling zone in Crimea will be presented in March 2017 and the implementation of the project will take two years.

"The work is about to start, the concept has already been determined, construction and installation works will be next in line, the investor has what it takes [the money needed for the project]," Aksenov said.

In 2014 Russian President Vladimir Putin signed a law envisaging the creation of a gambling zone in Crimea by 2019. In June 2016 the Crimean authorities defined the area of the future zone near the Yalta resort.

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