Yerevan’s Karen Demirchyan Sports and Concert Complex faces a financial crisis due to the ongoing coronavirus pandemic and the economic dip predicted for Armenia in the post-war period.

To keep the complex operational, Armenia’s State Property Management Committee has proposed that 127 million drams intended for the purchase of skate rink equipment for the complex be used to pay salaries, energy and security services.

In 2015, the Yerevan landmark was sold to a private investor, NTAA Investment Group, for $30 million. 

NTAA promised to invest millions in the complex and transform it into a family-oriented entertainment center including hotels, an indoor water park, concert halls, meeting rooms, restaurants, shops and a casino. Vahak Awadisian, who owned NTAA at the time, was linked to several shady financial and business dealings.

The investment plan fell through and the Armenian state was forced to assume ownership of the complex.