YEREVAN. - Architectural appearance of Yerevan’s Karen Demirchyan Sports and Concert Complex will not be changed and no casino will operate there, Eduard Sharmazanov, Parliament Vice President and spokesman of the ruling Republican Party of Armenian (RPA) told Armenian News – NEWS.am today.

According to him, the sale of the complex is a serious and promising transaction.

“I think the sale of the complex aims to make it an interesting site for everyone, breathing new life into it and the capital,” he said.

Davit Harutyunyan, Minister - Chief of Armenia’s Government Staff, told Armenian News – NEWS.am he has no information about the construction of a casino in the complex. 

According to the Armenian Government decision, the Sports and Concert Complex owned by Armenia’s Defense Ministry, was sold to “NTAA Investment Group” LLC for $ 30 million.  It is planned to renovate the building and turn it into a family complex, which will include hotels, indoor water world, concert halls, conference halls, restaurants, shops and casino.

The overall investments in the project will exceed $100 million.