Venice to sell Vittoriosa casino share to Russian magnates
Russian businessmen are reported to be in discussions with the mayor of Venezia, Massimo Cacciari, on a possible privatization of the Italian municipality’s casino on the Vittoriosa waterfront.
Italian reports say Cacciari is conducting negotiations privately with the Russian magnates on the city council’s 40% share in Vittoriosa Gaming Ltd. The other major shareholder in the company is BetLive Ltd.
Casino director Carlo Pagan said that when the casino was fully owned by the city council, it suffered €17 million in losses between 2001 and 2005. In 2006, it sold 60% of the casino. Pagan said that losses in 2008 were some €500,000.
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