Investors cool on Siberian Coin amid poor infrastructure, illegal operations

    Published in: Latest IntelligenceSiberia has ambitious plans for Russia’s biggest casino complex, combining gambling with eco-tourism, but international investors are showing little enthusiasm for the project amid concern about poor infrastructure and illegal gamblingMikhail Shchetinin, the Minister of Economy of the Altai Territory, the first casino in the zone, known as Siberian Coin, hopes to start operations by the end of 2013. The opening was originally slated for 2010 and has been postponed at least three times.The gambling zone envisages 15 casinos and 30 hotels, with a capacity to host 3,000 visitors by 2020. Michael Boettcher, president of Storm International said earlier this year that the transformation of Altai into a gambling Mecca would cost about $50 billion, but Russian officials and local authorities hope they can reduce that cost to as little as $1 billion.Nicholas Burmistrov, executive director of the Russian hotel and leisure company Alti, which is...

    Intelligence Articles is a premium content section developed for AGB members only featuring in-depth articles on relevant items of interest across the multiple Asia Pacific Gaming jurisdictions. To continue reading, subscribe now.