Vladivostok area shows its gambling potential
First results from Tigre de Cristal casino in Russia reflect that expanding into new territories to attract Chinese travelers is a good idea.
Russia.- First results of Tigre de Cristal casino, shows the potential of Vladivostok in Russia to lure in Chinese gamblers.
According to Hong Kong listed Summit Ascent reports, the Tigre de Cristal owned by Summit Ascent, a company controlled by the casino mogul Lawrence Ho, generated Ebitda of HK$14.3 million (US$1.84 million) on revenue of HK$72 million (US$9.28 million) for its less than three months operation on 2015.
The facility is located in the Primorye Krai Integrated Entertainment Zone, on Russia’s Far East coast, 30 miles away from the port city of Vladivostok and close to Vladivostok International Airport. The region offers visa free access to mainland Chinese tourists. Other three licenses have been granted to casino operators and developers, including Cambodia’s NagaCorp, but these are projects in progress and none is expected to open before 2018.
For now Tigre de Cristal stands alone. The casino’s first phase cost around US$175 million and includes about 35 gaming tables, 10 for VIP play, 321 gaming machines, 112 hotel rooms and suites. The casino is the first in Russia devoted to markets in neighbouring Asian countries. A huge population coming from northern China, Japan and South Korea are located within a three hour flying radius of Vladivostok.
