Casino to be shuttered due to new Russian gambling legislation
Tenants of "Azov City," a gambling zone in the Krasnodar region in southern Russia, have until April 1 to vacate the premises before the site's liquidation, according to a letter sent to them by the regional government, the paper said.
The law, created in an attempt to ensure that massive spending on Sochi's infrastructure for the 2014 Olympics did not got to waste, has yet to lead to any firm plans to build gambling facilities in Sochi.
Azov City, one of the only gambling zone proposals out of many to win approval in Russia, had no domestic competitors other than "Siberian Coin" in the Altai region, thousands of kilometers away.
According to the paper, the Finance Ministry estimates that the government will have to return around 10 billion rubles ($145 million) to investors for liquidating the zone, which began operations in 2010.
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