Altai Palace, one of Russia’s few licensed casinos, has posted revenue growth of over 17% for the Financial Year 2024.
The Altai Krai-based media outlet Bankfax wrote that the casino’s operator reported a total revenue of 1.1 billion rubles ($13.3 million) for FY2024. That represents a 17.3% rise on FY2023’s figure of 938 million rubles ($11.3 million).
However, the media outlet noted that the casino’s net profit growth slowed significantly compared to 2023 figures.
At the end of FY2023, Altai Palace posted revenue growth above 58%.
Russia’s Casino Zones: Footfall on the Rise
FY2024’s end-of-year report also indicated that the casino’s gross profits increased by 10.7%, hitting the 743 million rubles ($9 million) mark.
Net profits rose by 6.34% to 637 million rubles ($7.7 million). However, the media outlet again noted a slowdown, remarking that a year ago, net profits saw a twofold increase, hitting 599 million rubles ($7.2 million).
However, it appears that more visitors than ever are now making their way to the Altai Palace. Over 165,000 people visited in 2024, a x3 rise on visitor numbers in 2023.
The casino is the sole licensed gambling venue in the Siberskaya Moneta (Siberian Coin) zone in Altai Krai, Western Siberia.
The Russian government established the zone and three others in a decree on July 1, 2009.
The four zones are home to Russia’s only legal casinos and gaming halls. The only gambling facility in the Siberian Coin zone is the Altai Palace casino, which opened its doors to the public in 2014.
Upgrade Planned in Altai Gaming Zone
The Altai Krai-based hotel and entertainment complex is currently planning a major upgrade, the Russian newspaper Kommersant reported last year.
The operator reportedly plans to develop several “non-gaming areas” and build “several large facilities” at the site. The company is hoping to attract up to 650,000 tourists a year.
Kommersant wrote that the Altai Palace operator plans to build two hotels – a five-star hotel and a 150-room three-star venue – over the next three years.
The operator reportedly hopes to wrap construction on the five-star venue this year, with the second venue to be built by 2027.
The report also claimed that the firm wants to build a ski resort with lifts, four slopes, a health center, and dining facilities.
Footfall is also on the rise elsewhere in Russia’s casino zones. The Krasnaya Polyana casino welcomed 907,000 visitors in 2024, a year-on-year rise of 9.5%.
The Sobranie casino in Kaliningrad’s Yantarnaya gambling zone saw visitor numbers rise 13.4% to 415,000.
And a combined total of 621,000 people visited Shambala casinos. The operator has a branch in Yantarnaya, with another located in the Primorye gambling zone.
Earlier this week, a leading Russian policymaker claimed that new measures were needed to prevent younger citizens from visiting illegal online casinos.
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