Russian Storm In Armenia
7th September, 2007
Russian firm, Storm International, which is the second largest Russian gambling company, is planning to build a brand new casino and a series of gambling halls that will require $300 million investment. The investment is said to come from the firm itself and from the unnamed US source as well.
According to Lavrenti Gubin, Press Secretary of Storm International, the casino is going to be very large, 15 hectare, and will add to the already existing 50 Armenian casinos. The complex will be called Shangri-La-Yerevan and will also have a 5-star hotel next to the casino, which is said to have 200 rooms, a concert hall, restaurants, night clubs, shopping areas, hairdressers and other leisure activities usually found in expensive resorts. Armenia is not the first country the company decided to expand its business into, which started off after the Russian gambling laws got tougher in terms of opening casinos in very populated areas. Armenia’s other casinos are placed 10 km outside the city center (capital).
Gambling laws are getting tougher, as we can see not only in online casino business, but for in-land venues as well. Nevertheless, it has been noticeable that Russian business are keeping their strings in the market and trying their hardest to be able to expand and grow, especially when the market outlook is so promising.
