STORM INTERNATIONAL INVESTS 43MLN IN SHANGRI LA CASINO RECONSTRUCTION
ARKA
April 15, 2008
YEREVAN, April 15. /ARKA/. Storm International, the second largest
Russian casino holding, has invested $3mln in reconstruction of
Cleopatra, the largest gambling house in Armenia, which been renamed
into Shangri La, President of Storm International Michael Bottcher
told reporters at the casino presentation event.
Storm International purchased Cleopatra owned by Multi Group last
September to reconstruct and rename it into Shangri La.
With the size of total investments initially set at $3mln the company
is going to make them $7mln by the end of year.
The casino currently occupying a total territory of 2,400 cubic metres
will expand on 800 additional cubic metres comprising 12 gambling
tables and 85 gambling machines.
Armenia is the first CIS country in which the company opens a casino.
President of Multi Group Concern Gagik Tsarukyan is an experienced
partner in gambling business, Bottcher said. Shangri La ownership is
equally shared by Multi Group and Storm International.
Storm International was founded in 1992. It owns 23 Super Slot,
Shangri La and Jazz Town gambling houses.
The company owns gambling houses in Venezuela and Tunis. Storm
International is planning to expand in other CIS countries, namely
in Ukraine.