Land agreement terminated for Black Sea Azov City

Hopes for establishing a Black Sea branch of the Azov City gaming zone in Russia have been dashed following a court decision, local media reported.

The court ruled in favor of the Krasnodar Territory Ministry of Strategic Development, Investments and Foreign Trade, which demanded the rental agreement with its investor Adaptas to be terminated and the land transfered back to the region.

The court also ordered the company to repay the administration 94 million roubles of debt.

In 2013 Adaptas won the ministry's tender for the 240 hectare-land near Anapa and pledged to invest 16.2 billion roubles in the gaming zone over the next 10 years. But the gaming zone's Black Sea branch failed to get off the ground after a law came into effect in July 2014 banning gaming activities in Anapa and the region's Shcherbinskiy District.

Latest Intelligence

Latest issue

PATA CEO sees slow recovery, but optimism for future

AGB Podcasts