PBL to Become First Foreign Casino Operator in Russia
1 May 2006
Publishing and Broadcasting Ltd (PBL), one of Australia’s largest diversified media and entertainment groups, recently reached an agreement with Russia's Crocus Group, a private real estate company owned by Aras Agalarov, to develop a high-profile casino and entertainment complex on the outskirts of Moscow. Under the newly-signed agreement, PBL will become the first foreign company to operate a casino in Russia.
The agreement between PBL and Crocus Group was first confirmed by Sergei Riabokobylko, managing director of a real estate firm that consulted both companies on the project. Crocus Group officials were reported as saying that the development, dubbed Crocus City, is being marketed as "Las Vegas in Moscow," and is slated for completion in 2007. Crocus City, which is already under construction, will feature massive casino gambling halls, a shopping center, and a hotel.
According to Laurenty Gubin, head of communications of Storm International BV, a prominent Russian casino operator, Russia's casino market has seen a growth of an average annual rate of as much as 30% for the past five years. PBL's casino agreement in Moscow is the latest in a series of foreign deals headed by James Packer, the company's new executive chairman.
Source: Authorized Online Casinos News Staff
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
