Authorities have granted casinos in Primorye three months of zero taxes to ease the pressure of a low visitor rate.
Russia.- The Legislative Assembly of the Primorsky Territory has approved a bill to grant three months of zero taxes to casinos located in the Primorye Gambling Zone in Russia. The decision was taken in order to ease the pressure of a low rate of visitors due to the Covid-19 pandemic as casinos are highly dependant on the arrival of tourists.
The zero tax rate has been set for June, July and August to allow the payment of salaries to approximately 1,260 employees, settlement of accounts with contractors, support for construction and to boost investor confidence in the area.
Authorities also announced a reduced tax rate has also been extended for more than a year.
According to local media, the average annual revenue of casinos in the Primorye Gambling Zone is about RUB300m a year. The first resort in the zone, Summit Ascent’s Tigre de Cristal, opened to the public in 2015. It was followed almost five years later by Shambhala, which opened at the height of the coronavirus pandemic.
Mantera Group to develop US$192m casino resort in Primorye
The Primorsky Territory Development Corporation has announced an agreement with Mantera Group to develop an integrated resort.
The group is to invest RUB14bn (US$192m) to build a casino resort, which it hopes to complete within four years of work starting, which is scheduled for 2022.
The company responsible for overseeing the Primorye Gambling Zone in Russia has also recently announced that NagaCorp has also resumed its casino development.
NagaCorp said it had chosen a Russian contractor to resume building work on its US$150m casino resort. It is also looking for another contractor for outdoor engineering and landscaping works.