How Sochi Became a Gambling Town
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A bit more than three years ago, hundreds of thousands of people flooded into Sochi to witness the spectacle of the 2014 Winter Olympics. An estimated $50 billion was spent around the area leading up to and throughout the games, leaving quite a city in its wake.
In the summer of 2014, a few months after the Olympics closed, Russian President, Vladimir Putin signed a law, legalizing gambling operations in two new areas; Sochi and Crimea. The government hoped to boost the economies of both areas, adding investors and creating new jobs.
Russian gambling received a heavy crackdown in 2009, with major cities shutting down all of their card rooms, gaming halls, and casinos. The industry was exiled to just four economic regions across the country. One of which will be shut down in 2019, leaving Sochi as the only gaming city in that region.
On January 5, 2017, the Sochi Casino and Resort opened its doors for the first time. Rejuvenated by the Olympics and the prospect of hosting the 2018 FIFA World Cup and Russian Formula 1 Grand Prix event, Sochi’s tourism industry had been flourishing, making it an easy choice.
Around 40,000 people are expected to walk through Sochi Casino and Resort each month, taking advantage of the 70 gaming tables and almost 600 slot machines. The resort cost $66.3 million to build and covers over 165,000 square meters.