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Russian state Duma on Friday, July 4, passed a new law allowing the establishment of gambling zones in Crimea and Sochi, Russian newspaper The St Petersburg Times reported.
"The creation of a gambling zone in the Crimean Republic will help attract additional investment in the region, create new jobs and expand the revenue base of the regional budget," said Anatoly Karpov, Duma, vice chairman of the Economic Policy, Innovation Development and Entrepreneurship Commission
Russia currently operates one gambling zone on the border between the Krasnodar Territory and the Rostov region and is building three more gambling zones in Kaliningrad, Altai and Primorsky regions.
Jonathan Galaviz, a partner at Global Market Advisors LLC, told GGRASia last month that Sochi makes a lot more sense than Crimea.
"The infrastructure that was built in Sochi due to the recent Winter Olympics in Sochi is important and will support tourism growth," said Mr. Galaviz. But he warned: "It will be important for Russia to take a transparent and structural approach to the issue of casino games in the same way that Vladivostok did."
In April, a draft bill was submitted to the Russian parliament to set up a gambling zone in Crimea after the Kremlin declared Ukrainian territory part of Russia.
On Friday, Russian lawmakers inserted a provision into the bill that would allow the establishment of gambling facilities in Sochi during a second reading, the St.
Petersburg Times reported. However, the bill would only allow gambling venues to be established at Olympic facilities financed by private investors, the report added.
The bill gives the Crimean authorities all jurisdiction to define the location and boundaries of gambling areas.
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