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Gambling Industry Growth in Crimea by 2022

1. The Legislative Framework

  1.1. Chronology of events

2. Business Project in Figures

  2.1. Figures

3. Construction Advantages

4. Pitfalls

5. Conclusion

The gaming zone in Crimea is one of the top themes of the last days. Information activity was prompted by a new interview with Sergey Aksenov, the head of the republic, in which he announced the opening of a casino in Crimea no later than 2022.

Gaming zone in Crimea will appear no later than 2022

The Legislative Framework

Gambling has been banned in Russia since 2006 (Federal Law No. 244). The exceptions are sweepstakes and bookmakers, as well as special gambling zones. Internet business representatives feel relatively free here. However, it is necessary to obtain the appropriate permission for its legal functioning.

Gambling in Crimea initially was considered one of the most promising economic sectors. At the same time, the gambling business development approach has changed more than once.

Chronology of events

  • 2014 — the Federal bill on the permission of the gambling industry signing.
  • 2015 — the adoption of a similar resolution by local authorities.
  • 2016-2017 — search for a suitable land plot and the beginning of primary tender procedures. The officials had several potential casino locations. Closed sanatorium “Pearl” in Gaspra was the most suitable supposed option.
  • 2018 — refusal to build a casino in Gaspra. A modern five-star hotel with 180 rooms will appear here.
  • 2019 — Katsiveli has become a new location for the casino resort. Previously, the recreation complex “Fortune” functioned here. The local press reported on the final stage of tendering. All project agreements should be signed and published by the end of 2019.

Business Project in Figures

Casino in the Crimea gaming zone

Businessmen and experts have high expectations for the new gambling zone. The government hopes to increase the budget through casino revenue.

Figures

Evaluation criterion

Description

Area

14,6 hectares

Workplaces

10 000 vacancies

Amount of investment

8 billion rubles (125.5 million dollars)

The volume of payments to the treasury

25 billion rubles (392.25 million dollars)

The planned revenues from the gambling business include taxes, land, and subsoil use fees, as well as tourism fees. The cost of licenses, the validity of which will be limited to 30 years, can be distinguished as a separate category. 

Construction Advantages

  1. A powerful economic effect. Potential investors are counting on a good profit from the gambling business. The minimum annual profitability stipulated in the business plan is 30%. This guarantees a return on investment over 5 years, which is considered the financial practice benchmark.
  2. Infrastructure development. As is the case with other casinos in the CIS, such large objects as hotel complexes, cafes, restaurants, amusement parks, concert halls, and exhibition centres are expected to appear here. It is also planned to open nine beaches on the coast. 
  3. Growth of tourism. Businessmen suggest that the peninsula will become one of the most popular destinations among tourists in the near future. In addition to the warm sea and beautiful nature, travellers will try their luck in innovative casino objects, which can be compared with world leaders.

Pitfalls 

The main difficulties are associated with the preparation of the building land. “Fortune” is filled with old unfinished constructions now. It is necessary to prepare a number of permits for their demolition.

The procedure for removing the land plot from the City Council of Yalta control and its transferring to the future online business owner also involves some legal steps.

Most analysts agree that it is worth hurrying with the launching of the gambling zone. Intense competition is noticeable in the Black Sea region, in Batumi and Sochi. Some activities are taking place in the Ukrainian gambling field too.

Conclusion

The Crimean peninsula is a promising market that will attract tourists and professional players, as well as provide a decent profit. The first objects will start working in 2022. Visitors will have access to poker, roulette, blackjack, and other casino games.

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