Authorities in Primorye have passed an amendment to provide a six-month tax relief extension for casino operators.
Russia.- The government of Primorye has passed an amendment to extend tax relief for gambling operators for six months. A zero-tax period was introduced in the second half of 2020 to ease the burden on operators during the Covid-19 pandemic but has been extended to “deteriorating economic conditions” caused by international sanctions against Russia due to its invasion of Ukraine.
Primorye estimates that the tax cut will amount to about RUB39.8m (US$481,000).
In March, Summit Ascent Holdings revealed in its latest financial report that Tigre de Cristal Phase II in the Primorye Gambling Zone in Russia had been postponed until “no earlier than 2025” due to the negative impact of the Covid-19 pandemic, travel restrictions and economic uncertainties.
Summit Ascent’s Tigre de Cristal opened to the public in 2015 as the first casino resort in Primorye. It was followed almost five years later by Shambhala, which opened at the height of the Covid-19 pandemic.
Due to the current uncertainty, NagaCorp has also decided to halt the development of its US$150m casino resort in Vladivostok indefinitely. NagaCorp’s Vladivostok resort was expected to include a multi-purpose facility measuring 21,500 square feet.