Russian investors in the casino market have been eyeing opportunities around the world ever since the law to push gambling into four remote zones was passed. Latin America has been the choice for many, including Peru, Colombia and Mexico where Russian operators now have a firm foothold. Eastern Europe is also proving attractive, and reports from Bulgaria say that Sofia, Varna and Burgas have been targeted for investment.

Once all legal casino gambling ceases in Russia at the end of the month, much of the money that has kept the country’s casinos such lucrative businesses is expected to be played overseas. In April Ritzio opened three gaming venues in Croatia and last December acquired venues in the Czech Republic and launched gaming clubs in Romania. The casinos in Cyprus are expected to receive an additional boost of more Russian money.

There are those, particularly the gaming industry employees, that are hoping that a magician will wave his magic wand and delay the 1 July deadline for shutting down most gambling in Russia, at least until the infrastructure is in place in the four designated gambling zones. Noises emanating from the Kremlin make this unlikely, despite a last ditch attempt by the Ministry of Economic Development to persuade the government to reconsider. (E-06.22.09)

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