OLN: Kaliningrad gaming zone will cost more than 7 billion euros

Rosbalt. Development of “Yantarnaya” tourism and recreation zone with a gaming segment in Kaliningrad region will cost 270.9 bn roubles (around 7.3 bn euros). According to a Rosbalt correspondent this figure was indicated in the financial feasibility study of this project, which was presented to RF Finance Ministry by Kaliningrad Regional Government.

For information: the federal law “About state regulation of activities on organization and implementation of gaming” passed by the Russian State Duma at the end of 2006 envisages relocation of gambling business to four special zones located on the territories of Kaliningrad region, Altai, Primorski krai and on the border of Rostov region and Krasnodarsky krai. In January 2008 the Russian Government issued a resolution stipulating that Kaliningrad “Las-Vegas” will be located near Yantany settlement and will cover the area of 480 hectares.

Ide Attack, an American company experienced in elaboration of concepts for similar gaming projects in the United States, United Arab Emirates and other countries, was charged with developing of a concept for Kaliningrad.

It is envisaged, that the federal budget will only account for the development of infrastructure – a 14 per cent share of total costs, while the rest will be put up by investors representing gaming business.

Foreigners are expected to attracted by the project not because of casinos as such, but, first and foremost, by developed entertainment infrastructure, incuding hotels, water parks, a theatre and concert halls, sport arenas, SPAs, shopping malls. Among the subprojects – construction of a Jurassic park with huge mechanical dinosaurs, as well as a Travel Park where replicas of the world’s most beautiful and unique places will be presented. Implementation of this immense project is expected to create 20 thousand new jobs.

At the same time, some Kaliningrad residents that do not share the optimism of the regional government united under a newly set up NGO named “People against the gaming zone”. They have recently submitted an application to the regional Election Committee in an attempt to hold a referendum enabling Kaliningrad residents to express their opinion concerning the gaming zone. Read more in Russian…

NOTE: News marked with OLN acronym is a translation prepared by AIKE to inform English speaking audience of the website on Kaliningrad news that are as a rule not covered in English anywhere else on the Internet. A link to the Russian source of information is provided in every OLN item in case you would like to learn more on the issue.