Ex-owners of the casino in Azov City denied compensation

The Moscow Arbitration Court denied the former owners of the Orakul casino in the gambling zone Azov City" in the payment of compensation for the liquidation of the gambling zone at the end of 2018. The Royal Time Group company demanded a payment of 3.75 billion rubles from the state.

IRZ Azov-City was opened in 2009 on the coast of the Sea of ​​Azov and became the first gambling resort created in Russia after the entry into force of the new law on gambling. The Royal Time Group company acted as one of the investors of the project. The holding opened the Oracle casino in a special area and planned to build other gambling establishments, as well as hotels for guests. According to the Kommersant newspaper, investments in the project amounted to about 2.3 billion rubles.

In 2016, Dmitry Medvedev signed a decree on the openingof the Krasnaya Polyana gambling zone in Sochi. The formation of a second gambling zone within the boundaries of one subject of the Federation (Krasnodar Territory) was contrary to federal law (FZ No. 244 of December 29, 2006), which led to the decision to liquidate Azov City. This was the reason for the lawsuit from the Royal Time Group. The casino owners filed claims to the Ministry of Finance for compensation of 3.75 billion rubles for damages and lost profits.

The court refused to satisfy the claim due to the fact that formally the rights of investors were not violated. The law contains a clause according to which the federal authorities have the right to decide on the closure of gambling zones 10 years after their formation. IRZ "Azov-City" was officially formed at the beginning of 2008, and ceased to exist on the last day of 2018.

"The plaintiff, entering into relations with contractors and concluding agreements, as a business entity, should have been aware of the risky nature of entrepreneurial activity, including the risk of adverse consequences as a result of the issuance of acts by state authorities or local governments ”, — said the judge.

Royal Time Group owner Rashid Taymasov showed interest in all gambling zones formed in Russia after the entry into force of the law on gambling. The holding and its subsidiaries became residents ofYantarnaya gambling zone in Kaliningrad, Siberian Coin in Altai andPrimorye in the Far East 690. Открыть собственное казино оператору удалось только в «Азов-Сити». Летом 2018 года Рашид Таймасов был признан банкротом. Он получал кредиты на строительство под личное поручительство из-за чего ему предъявили иск на 420 млн рублей. В конце февраля 2019-го года банкротом также признали его компанию, которая не смогла оплатить долги на сумму 1,5 млрд рублей.

Richard "Boz" Bosworth is the main partner and CEO of the young company JC Hospitality, LLC ...
Position: Author of analytical materials Higher education Age: 24 years old Experience: more than 5 years Brief biography: Born on March 24, 1997 in the city of Volkhov, Leningrad Region. In 2015 he successfully graduated from a secondary school, after which he entered the Faculty of Mechanics and Mathematics...
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