Thursday, August 18, 2022

Ensuring a stable business environment a priority: Promoter govt

The Primoyre government confirmed it will not double gambling taxes and said it plans to soon hold new auctions for vacant land plots.

The bill was passed during a meeting of the local Legislative Assembly held on Wednesday this week.

Vice-governor responsible for economy and finance Tatyana Kazantseva said they they decided to keep the current tax rate for tables and machines in the region the same in order to keep investors happy.

“Since the founding of the gambling zone, residents have invested about RUB11 billion (US$193.8 million) in the economy of the region, created a thousand jobs and about four thousand jobs in related fields.”

“The amount of taxes paid from the gambling zone is about RUB 322 million a year. In order to provide the stable business conditions, the regional Administration suggested not to increase these rates” said Kazantseva in a statement.

Authorities explained that their decision was made to support investors in the Primorsky Integrated Entertainment Resort project - which is a significant boost for the socio-economic development of Primorsky Territory.

The Primorye territory in Russia is currently host to Tigre De Cristal, the territory’s first gaming resort which opened in 2015.

Two more major gaming and entertainment facilities have begun construction - including Selena, operated by Diamond Fortune Holdings, and Naga Vladivostok, owned by Cambodian gaming company NagaCorp - both set to open in 2019.

In the same bill however, lawmakers doubled the tax rate for e-bet processing centers of bookmakers or totes, raising it to RUB 14,000 a month.

Vice-governor Kazantseva said there are currently 59 betting shops in the province.

In January alone, gambling business brought a total of RUB 8 roubles of taxes to the regional coffers.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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