Post-Olympic Gambling Zone to be Created in Sochi

by Himabindu Venkatakrishnan on July 9, 2014 at 3:05 PM
 Post-Olympic Gambling Zone to be Created in Sochi

Plans of opening a gambling zone in the Black Sea resort of Sochi, which was renovated at high cost to host the 2014 Winter Olympic Games, is on the wings, Deputy Prime Minister of Russia Dmitry Kozak said Tuesday.

"The decision has been taken in principle. We backed a gambling zone in Sochi," Kozak was quoted by Russian news agencies as saying.


Last week, the Russian parliament approved the creation of gambling zones in Sochi and on the Crimean peninsula, a region recently annexed from Ukraine that has numerous beach resorts.

Ahead of the Sochi Winter Games, Moscow built gleaming new stadiums, hotels and transport infrastructure to transform the Soviet-style resort at a cost of more than $50 billion.

Russia now faces the question of what to do with the new structures.

Kozak said the gambling zone was aimed at "improving the financial models" of Olympic projects that received loans from banks including Russia's largest lender Sberbank.

"We must now do all we can to make these projects turn a profit, so they do not go bankrupt," he said.

In 2009, Russia enacted tough anti-gambling laws that forced casinos to shut down across the country. It permitted just four legal gambling zones in its western, eastern and southern regions.

So far however, only one gambling zone is functioning: Azov City, in the same region as Sochi, but on the shore of the Azov Sea.

Three casinos are currently operating in Azov City, the RIA Novosti news agency reported.

Kozak said that in theory, Russian law would require that Azov City shut down if nearby Sochi also became a gambling zone, but added: "This question is under discussion."

Source: AFP
Font : A-A+



Latest Lifestyle and Wellness News

Social Media Reshapes New Parenting Journeys
Amid the challenges of caring for newborns and toddlers, a study notes a rising trend of new parents seeking social media's help for managing their children.
Social Isolation With No Family & Friends Visits Linked to Mortality Risk
Lack of friends and family visits is tied to a 39% increased risk of mortality that can be used to develop effective therapies associated with social isolation.
Sunscreen & Its Pseudoeffects of Sun Protection
Compared to wearing sun-protective clothes and avoiding the sun, using sunscreen is the least effective way to prevent sunburn on the skin.
How Fruit & Vegetable Microbiomes Benefit Human Gut Health?
Bacterial diversity in the human gut is benefited by eating fruit and vegetables with microorganisms of probiotic and health-promoting characteristics.
Surprising Independence of Weight Loss
New research challenges the common notion that couples achieve better weight loss results.
View All
This site uses cookies to deliver our services.By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use  Ok, Got it. Close

Post-Olympic Gambling Zone to be Created in Sochi Personalised Printable Document (PDF)

Please complete this form and we'll send you a personalised information that is requested

You may use this for your own reference or forward it to your friends.

Please use the information prudently. If you are not a medical doctor please remember to consult your healthcare provider as this information is not a substitute for professional advice.

Name *

Email Address *

Country *

Areas of Interests