YEREVAN (ARKA)—The sale of the Karen Demirchyan Sport and Concert Complex has not been completed, David Harutyunyan, head of the Armenian government administration, said Wednesday at a question and answer session in the National Assembly.
The preliminary decision to sell the state-owned complex to NTA Investment Group for $30 million was approved by the government on August 13.
“The contract has not come into force so far, since it is stipulated that it will come into force only after payment of the entire cost of the deal,” Harutyunyan said.
According to Harutyunyan, after the purchase the new owner must invest more than $100 million in the structure within four years’ time.
He said that a hotel, a roofed aqua park, concert halls, restaurants and a casino are planned to be built on grounds of the complex.
Though NTA Investment Group is registered in Armenia, it has not been involved in commercial activities in the country till now. Therefore, strict terms were set in the contract and full payment is demanded.
The new owner ought to maintain the name and activity focuses of the complex and to allow conducting events at the Armenian government’s request for 10 years.
The decision to sell the complex sparked criticism from experts and the word of intention to open a casino was considered unacceptable and immoral, particularly because the complex is located near the Tsitsernakabert genocide memorial.