June 11, 2024 2 min read

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Crimea’s Gambling Zone Project Is Alive But Still in Limbo

The so-called Golden Coast gambling zone is set to occupy the site of an unfinished sanatorium in Katsiveli near Yalta

The Crimean Parliament’s head, Vladimir Konstantinov, just announced that the plans to construct a gambling zone in Crimea are still in place. In an interview with RIA Novosti, Konstantinov also noted that the main investors have been identified.

Crimea was annexed by Russia in 2014, sparking a conflict with Ukraine. The war, which would escalate with Russia’s invasion in 2022, has been raging on ever since. Yet, the plans to create a gambling zone that would spark tourism in Crimea seem to be in place, according to the local parliament’s head.

For context, the plans outline the construction of a gambling zone on the southern coast of the peninsula, in the village of Katsiveli near Yalta. Originally planned to begin in 2021, construction of the project was postponed amid the complex geopolitical situation.

The so-called Golden Coast gambling zone is set to occupy the site of an unfinished sanatorium. Previously owned by the Yalta Municipality, the site was eventually handed to the government. The Infrastructure Project Management Company, a local investment firm, was planning to take on the project.

The Project Will Continue Once the Situation Allows It

Konstantinov was firm that the project is still well and alive. He said that “nothing bad” had happened to it and that the main participants had been identified.

The head described the interested parties as well-known organizations in the Russian Federation. He said that the investors in question have the necessary experience but added that the project is still facing certain setbacks because of the ongoing war and the lack of air traffic.

Konstantinov added that Crimea is ready to begin work on the project once the situation calms down and air traffic resumes. In his interview with RIA Novosti, the Crimean Parliament’s head added that the gambling operation would be profitable and would attract foreign tourists, enhancing the local economy.

Speaking of Russia and Ukraine, the latter country recently dismissed claims of Zelensky’s alleged casino purchase in Cyprus. Labeling the claims as Russian misinformation and efforts to tarnish Ukraine’s reputation, the Embassy of Ukraine in Cyprus promised that the transaction was a lie.

In the meantime, MND, which owns Moravia Gas Storage, decided to purchase its remaining stake from Russian energy giant Gazprom. This means that KKGC, MND and Allwyn’s parent company, no longer has ties with Russia.

Journalist

Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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