Rashid Teymasov, the former head of Royal Time Group, has been declared bankrupt, while the company he headed has exited all projects in other Russian gambling zones except Azov-City, local media reports.
The Oracul casino in Azov-City was the first to open after the Russian authorities restricted gambling activities to designated zones back in 2010, and it is now the only gambling facility operated by Royal Time Group.
However, even this project is facing closure later this year due to the establishment of another gambling zone in the same region after the 2014 Olympics.
Royal Time Group’s investment portfolio previously included projects in the gambling zones in Altai Territory, Primorye, and Kaliningrad.
Russian media said Teymasov and the company’s current state of affairs are linked to the revocation of license from a leading Kazan bank, Tatfondbank, back in 2017.
The bank was understood to have financed the company’s projects.
Teymasov is reported to owe his creditors some 203.5 million rubles (US$3.2 million) and voluntarily filed for bankruptcy. (AGB)