First Olympic facilities opened at Sochi
The facilities at the complex currently include ski-lifts, shops, cafes, ski rental and parking. Hotels and luxury accommodation have also been built.
The second stage of construction, to be completed by 2011, will add the Olympic ski stadium and a further 15 more kilometres of ski track.
The resort will be able to host up to 8,000 people.
President Putin says Krasnaya Polyana will become a strong competitor to ski resorts around the world.
“This is the first step towards preparing Sochi as the capital of the 2014 Winter Olympics. We'll be building more facilities here at Krasnaya Polyana, and I'm sure this will be done well and on time. Everything here has been managed at a high quality level. I'm sure Krasnaya Polyana will prove that here in Russia, we are capable of building sports centres no worse than in the West,” he said.