The Azov-city gambling zone may be allowed to continue its operations until the end of 2018, reported Russian daily newspaper Kommersant, citing the Krasnodar Territory Property Relations Department, responsible for regulating gambling activities in the region.
“The administration of Krasnodar Territory had expressed their interest in prolonging the functioning of ‘Azov-city’ to the government. Following the discussion of this issue at the Russian government, the Ministry of Finance is tasked with submitting a draft federal law envisaging extension of its functioning until the end of 2018 and compensation to its investors in connection with its liquidation”, a representative told Kommersant.
Azov-City’s liquidation has been a recurring topic since 2014, when a law was passed forbidding gambling zones from operating in the area outside of Sochi, also in the Krasnodar region. The extension of permits for gambling activities on the zone’s territory is suspended until amendments are made to the federal law.
Azov-city investors estimated their lost profits at RUB 2.5 billion (US$37.2 million). In 2015 the zone was visited by about 500,000 people.