Friday, August 1st20.0°C
21450
22438

Russia to set up gambling zone in Sochi, home of 2014 Olympics, to make use of infrastructure

MOSCOW - Russia will allow gambling in Sochi in a bid to make continued use of the facilities that were built in the Black Sea resort for the 2014 Winter Olympics.

Russia spent $51 billion on the Games, leaving many companies that invested in the city wondering how they were going to recoup their money.

Russia in 2009 closed down casinos across the country and restricted gambling to several designated zones, all far away from major cities or tourist attractions. The parliament voted last week to put Sochi on the list of the areas where gambling is allowed.

Deputy Prime Minister Dmitry Kozak, who oversaw the preparations for the games, told Russian news agencies on Tuesday the government will decide within the next 10 days on the exact location of casinos.

He said that the gambling zone could be set up at the site previously used for the Games, but any location in Sochi should support local businesses.

"We should do everything to make these projects bring returns on the investment, so that they don't go bankrupt," Kozak said.

Russia built 14 venues for the games with a total capacity of 145,000 people.

Plans for how to use the venues are changing all the time. Some were converted into malls, others given away to athletic federations.

Dozens of private companies, anticipating the Kremlin's gratitude for shouldering economically unviable projects, flocked to Sochi to build hotels and infrastructure. Observers noted, however, that Sochi as a resort was unlikely to attract enough tourists for the new hotels and other facilities to be fully used.

The Canadian Press


Read more Business News

22439


Recent Trending




Today's Market
S&P TSX15330.74-194.08
S&P CDNX1001.52-9.58
DJIA16563.30-317.06
Nasdaq4369.773-93.129
S&P 5001930.67-39.40
CDN Dollar0.9142-0.0027
Gold1310.00+6.70
Oil97.53-0.64
Lumber326.90+2.50
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.21-0.01
Cantex0.085+0.02
Anavex Life Sciences0.262+0.002
Metalex Ventures0.08-0.005
Russel Metals35.23+0.01
Copper Mountain Mining2.75-0.08
Colorado Resources0.205-0.015
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.03-0.005
Mission Ready Services0.150.00

 





FEATURED Property
20186202728 Riffington Place
2 bedrooms 1 baths
$179,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council