SRC uncovers $10 million shadow operations at Armenian casino

Armenia’s State Revenue Committee (SRC) has uncovered a casino in Tsaghkadzor that concealed 4.2 billion drams ($10.8 million) in unreported gambling revenue, evading approximately 887 million drams ($2.3 million) in taxes.

Operational investigations revealed the casino accepted off-the-books bets, omitting transactions from financial records and tax filings. Authorities conducted searches, seizing documents and electronic evidence, the SRC said in a statement on Tuesday.

The SRC emphasized intensified oversight of cash-based gambling businesses, stating transparency is fundamental to Armenia’s fiscal stability.

A criminal case into large-scale tax evasion has been launched by the Investigative Committee.