Russia

Russian President Vladimir Putin is against turning Sochi into a gambling resort after the Winter Olympics because the Black Sea City would lose its appeal for traditional holidaymakers to the area, local media said. The idea had been mooted in December as the government sought to offset expected losses to be made by companies that invested in the development of the area. “We already have a gambling zone on the border between the Rostov Region and the Krasnodar Territory, and we even allowed them to access the Black Sea coast.

Betfair has signed an information sharing agreement with the International Olympic Committee (IOC) to help prevent betting corruption. The IOC will operate a new centralized system at the Sochi Winter Games starting this week to monitor betting patterns in coordination with gambling companies. Betfair plans to offer more than 1,000 betting markets during the Winter Olympics, with ice hockey and Alpine skiing expected to be the most popular sports.

 

The Nevada Gaming Control Board has signed an agreement with the International Olympic Committee to help detect cheating and illegal gambling at the Winter Olympic Games in Sochi, Russia. The board and the IOC agreed to cooperate at all levels in order to preserve and protect the integrity of sports, they said in a joint statement.

Russia’s Supreme Court has dismissed a request for a review of a case of police officers charged with involvement in illegal casinos in Moscow because the filing was made by persons not directly related to the case, local media said. 

Oleg Drozdov, one of the investors in a project to develop a gaming resort in the Primorye region of Russia, has been detained following allegations of business malpractices relating to the construction of a waste treatment facility in 2009/2010, local media said. Drozdov is an indirect minority shareholder in Oriental Regent, an investment holding company that owns First Gambling Company of the East, which is developing the gaming and resort project in Primorye.

Summit Ascent Holdings’ shareholders have voted to approve the company’s investment in a gaming project in Russia and to grant share options to Lawrence Ho. The casino and hotel project is slated for the Primorye Integrated Entertainment Zone around Vladivostok. The company said 99.97 percent of investors present at its Special General Meeting voted in favour of the project.  

NagaCorp Ltd. has reached agreement with the Primorye regional government to invest $350 million in a casino hotel complex in the new gaming zone under development near Vladivostok.

Firich Enterprises Co. is to join with Melco International Development Ltd. and Summit Ascent Holdings Ltd. to invest in casino hotel projects in the Primorye Integrated Entertainment Zone around Vladivostok. Under the revised plan, Russia's Oriental Regent Ltd. will pay $12.2 million to raise its stake in First Gambling Co. of the Far East, which holds a Primorye operating license, to 100 percent from 50 percent and Summit, Firich and Melco will in turn take stakes of 46 percent, 19 percent and 5 percent in Oriental Regent.

 

 

 

Summit Ascent Holdings Ltd. said the deadline for reaching a definitive agreement on the first part of its plan to invest in two casino hotel projects in the Primorye Integrated Entertainment Zone around Vladivostok had been extended to August 31 "as the parties require further time to fulfill the conditions precedent". The agreement would see Hong Kong-listed Summit, controlled by Lawrence Ho, take a 46 percent stake in Oriental Regent Ltd. which in turn owns half of First Gambling Co. of the Far East, which holds a Primorye operating license.

Pages