Investors play for time
Another of the 16 Rostov plots of the Azov-City gambling zone remained without investors. Formula-1 had earlier refused from the 1.5-hectare plot, and the term specified for concluding the investment agreement (no less than for 80 million rubles) and the lease agreement for 1.5 ha which Casinos Austria was going to manage, expired on September 30. It had already been postponed once. Documents were not signed within 15 working days after the tender (on July 29), and later the Minister of Economic Affairs of Rostov Region Vladimir Barteniev informed, that the parties agreed upon additional 30 days to prepare the documentation in two languages.
Representatives of the Austrian company did not participate in leasehold tender on July 29. According to Martin Himmelbauer, Casinos Austria spokesman, “It has entered into the agreement of intent with a group of investors who would transfer the plot under its management later.”
“First it is important for Casinos Austria to survey how the whole market is going to develop, and the Azov-City project in particular,” Himmelbauer told Vedomosti yesterday. He says that his company “has arranged for an option on a plot of land”. However under the tender terms the organizers now are entitled to tender the lease once again.
Barteniev says that negotiations on the destiny of the plot are being nevertheless conducted by the regional administration with Casinos Austria. “On Friday we had a telephone conference with the authorized representatives of Casinos Austria, and the dots over the i`s in the question of their participation in the Azov-City project will be put within a week,” the Minister informed Vedomosti.
The authorities are interested in Casinos Austria involvement in the project to stimulate first of all local participants of gaming business who doubt of the Azov-City prospects, Nikolay Oganezov, Director of the regional Gaming Business Association in the Southern Federal District claims.
Vedomosti