The Karen Demirchian sports complex was recently privatized (Source: Photolure)

YEREVAN (ARKA)—Head of the Armenian state property administration, Arman Sahakyan, told reporters on Tuesday that Armenian legislation allows for a casino to be built near the Karen Demirchyan Sports and Concert Complex in Yerevan if investments worth $100 million or more are made.

The Armenian government approved a draft decision for the sale of the state-owned sports and concert hall, the largest in Armenia, to NTA Investment Group for $30 million. The new owner’s investment program, worth more than $100 million, will reportedly be implemented within 4 years.

The new owner plans to build a hotel, water park, concert halls, restaurants, and other entertainment venues at the complex, which is located near the Tsitsernakabert Armenian Genocide memorial in Yerevan. Overall, 350 new jobs will be created by the renovation plan.

Rumors have suggested that a casino will also be built at the complex, which has caused public outcry due to its proximity to Tsitsernakabert.

“The program that is the core of the deal will breath new life into the popular complex. We must manage to turn the Sports and Concert Complex into one of the most active facilities in the city, while maintaining its architectural design at the same time,” Sahakyan said.

He also said that the project will be implemented under strict public control, and that the state property administration will be in charge of matters related to contractual obligations.

Construction will be carried out in the area from Hrazdan Stadium to Leningradyan Avenue, which is quite a distance from the complex itself, Sahakyan said.

Possible construction will not affect the architectural design of the complex, he said, adding that various facilities, from gasoline stations to restaurants, have already been built along the same stretch of land.

According to Sahakyan, every possible effort should be made to ensure proper financial flows for the operation of the complex.