The deadline for venues to operate as usual throughout Russia finished yesterday

Russian mogul says he will relocate casinos to Europe

Bojko alluded to the possibility of opening casinos in Serbia, Croatia and Montenegro, as well as Germany and Italy.

Russian Federation | 07/02/2009

(Russia).- One of the largest operators of Russian casinos will take his firm and leave the country rather than respect the order to relocate at desolate districts. Oleg Bojko told Tportal that he would transfer his casinos, held as co-owner of Ritzio Entertainment, to Italy, Germany and Balkan countries rather than rebuild in Siberia or near the Chinese and North Korean border.

The deadline for casinos to operate as usual throughout Russia finished yesterday. Now, casinos will be faced with a choice of operating illegally, moving to the unprepared zones, or following Bojko out of the country.

Ritzio remains one of the two companies controlling the vast majority of Russian gambling venues, along with Storm International. Bojko alluded to the possibility of opening casinos in Serbia, Croatia and Montenegro, as well as Germany and Italy.

Russia is likely to see a massive wave of unemployment if the new gaming restrictions are diligently enforced. Estimates by gaming industry experts run as high as 400,000 jobs being sacrificed, and billions in tax revenue as well. Even the government's spin allows that 60,000 people will lose their jobs overnight.

Meanwhile, early reaction from the potential host companies was guarded optimism, as the chance to create a spike in employment will not be ignored by lawmakers.

Yogonet.com / Online Casino Advisory