Altai Palace changes ownership

Thursday 21st of July 2016

Casino Altai Palace, a key investor in Siberian Coin, has undergone an ownership change, reports Kommersant.

The news was later confirmed by local media, which cited the Unified State Register of Legal Entities.

The new major shareholder of Altai is Vladimir Kutyev, CEO of the refining company Gorno-Altaisk petroleum, who owns 70 percent of shares. The remaining 30 per cent of shares is owned by Alexei Sakhvarelidze, as before.

According to Altai Palace managing director Yevgeny Kosykh, the investment in the project has already exceeded 1.1 billion rubles (US$17.1 million), and another 200 million rubles will be invested by autumn. According to his estimates, the project is 70 percent ready.

Kosykh said he believes that the investment will pay off in seven to ten years. Today, the complex is visited by about 140-150 customers daily, Kosykh says, adding that this number could be significantly increased if the infrastructure there was more developed.

Sakhvarelidze told Kommersant that Altai Palace will become fully operational by October 2016 and that the new owner will invest in its completion. The casino's management had announced plans to fully open Altai Palace in August 2016 and launch a second gaming facility in Siberian Coin in 2018.

Earlier it was reported that the owners of Altai Palace received an offer to buy the casino for 1.1 billion roubles, but its owners turned down the offer.

Meanwhile, another investor in Siberian Coin - Kazan developer Royal Time Group - has also announced its plans to start building gaming facilities (a casino and a hotel) there in the autumn of 2016 or in the spring of 2017. The company rents a land lot of 15 hectares in Siberian Coin and plans to invest in its project at least 1.1 billion rubles.

Bricks & Mortar Investment Ownership Siberian Coin