The ownership behind Altai Palace Casino in central Russia has changed hands with former majority shareholder Vladimir Zhuravkov selling his 70% stake to local oil and gas entrepreneur Vladimir Kutyev.
According to a report from the Kommersant newspaper, the remaining 30% stake in the Gorno-Altaysk-based casino continues to be held by businessman Alexei Sakhvarelidze while Kutyev is now set to invest an unspecified amount of cash in ensuring the venue, which had a soft launch in November of 2014, opens fully by October.
Yevgeny Kosykh, Managing Director for Altai Palace Casino, explained that investment in the remote casino had already exceeded $17.1 million with the venue now 70% complete while an additional $3 million is due to be devoted by the autumn. He declared that this expenditure will pay off in the next seven to ten years as the complex is already visited by up to 150 players a day and this number could significantly increase as local infrastructure becomes better developed.
Kommersant previously reported that an unnamed entity had attempted to purchase Altai Palace Casino for approximately $16.6 million while Kosykh revealed that he was still hopeful his firm would be able to open a second gaming facility in the 8.8-square-mile Sibirskaya Moneta zone in 2018.
As it awaits a decision on whether it must leave the Azov-City gambling zone, fellow Russian casino operator Royal Time Group, which is responsible for the Casino Oracul near the city of Azov, recently announced its intention to spend upwards of $16.6 million to build a similar facility on 37 acres of land it rents in the Altai region.