Russia’s plan to create gambling city could lead to illegal gambling
Russia’s plan to build a city dedicated to gambling is hitting a snag due to the global financial crisis, leading some to worry that a black market in illegal gambling could emerge.
Russia’s grandiose scheme to build a Las Vegas from scratch in 18 months is turning into a sour bet because of the sinking global economy.
The plan calls for shutting down dozens of casinos in Moscow and St. Petersburg by July 1 and moving big-city gambling to four far-flung reaches of Russia, including building an entire new city along the Azov Sea.
“It’s just not going anywhere fast,” says Joseph Weinert of Spectrum Gaming Group, a U.S. firm that advised on developing one of the resorts. “The clock is ticking, and as far as we can tell there is going to be no gambling in these (planned resorts) come July 1.”
If the casinos close and gamblers have nowhere to place their bets, organized crime could step in to offer illegal gambling, much like speak-easies that sprang up during Prohibition of alcohol in the USA in the 1920s.
