Minister of Economy Gevorg Papoyan met on August 6 with representatives of Global Tribe Gaming to discuss a project for establishing a major international-level entertainment and tourism complex in Yerevan.
Deputy Minister Edgar Zakaryan, Director of the Investment Support Center Gohar Abajyan, and Director of Dvin Hotel Complex CJSC Artak Tovmasyan also participated in the discussion. The project is planned to be implemented in cooperation with the Dvin Hotel Complex and Seven Visions Resort & Places. It entails founding a gaming, hotel, entertainment, and tourism center meeting international standards in the capital.
The total value of the project is estimated at around $500 million, with $40 million allocated to the development of adjacent real estate and the construction of a new hotel tower. The project's implementation will create approximately 1,000 new jobs.
During the meeting, the parties addressed details regarding the implementation of the investment project, taxation, and licensing. Issues related to sector regulation and payment systems were also discussed.
The discussion of an investment project of this scale in the capital demonstrates a clear trend toward developing the tourism and entertainment sector. The volume reaching $500 million is a substantial figure for the local market, and the creation of 1,000 new jobs could have a significant impact on employment rates.
On the other hand, the involvement of the gaming sector implies the need for strict legal and tax regulations. How effective the discussions surrounding licensing and payment systems will be will become clear in the upcoming stages.
