Russia's Casinos Prepare For Closure

New gambling law in Russia states that existing casinos will become illegal from July 1st.

Every casino and slot machine hall in Russia is set to close its doors for good on July 1st.

Due to a law coming into force at the end of the month, all existing casinos will be shut down and replaced by new venues in four specially-created 'gambling zones' spread across the country.

The move is highly controversial within the Russian casino industry, particularly as building work on the four gambling areas is yet to officially begin, the Independent reports.

Samoil Binder from the Russian Association for the Development of the Gambling Business said that the investment required for the project to work may be unavailable due to the economic crisis.

"The cost of building will be at least $40 billion (£24 billion), meaning we'd need 35 years to break even, and that's assuming that the profits of these new zones will be the same as in Moscow, which is unlikely," he told the newspaper.

According to official figures, there are currently 30 casinos and over 500 slots venues in Moscow, but each one will have to be closed down from July 1st.

However, the mosnews.com website reports that the Russian ministry of economic development has written to prime minister Vladimir Putin asking him to reconsider the gambling law.