Russian investor to develop US$142m casino in Primorye
An undisclosed company will invest US$142m to develop a casino and entertainment complex in the Primorye Gambling Zone in Russia.
Russia.- The Primorye Gambling Zone in Russia continues to grow with a new casino and entertainment complex reported to be confirmed.
Primorsky Krai Development Corporation JSC, the company responsible for overseeing the gaming zone, has revealed that a “major Russian investor” will invest nearly US$142m to develop a new casino.
The unnamed company has acquired 14 hectares. It plans to build at least 300 hotel rooms of at least four-star quality and to host 500 units of gaming equipment.
Olga Sun-zhayu, general director of the development corporation, said: “The new resident chose one of the best-located sites – on a hill, practically at the entrance to the gambling zone.”
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.
Summit Ascent Holdings has posted revenue of HK$129.5m (US$16.6m) for the first half of 2021. Net losses were reduced from HK$47m to HK$131,000 when compared to the first half of the last year when Tigre de Cristal closed its doors amid Covid-19 countermeasures announced by the Russian government.
NagaCorp’s project for the zone was put on pause due to the pandemic, but the company estimates that the venue will be completed in 2022. In February, the government said it will push through permits for foreign workers to help Hong Kong’s NagaCorp bring forward work on its casino resort near Vladivostok.
The director of the territory’s tourism department, Konstantin Shestakov, said the government wants to see progress on the development of Primorye. The zone is expected to eventually host 12 casino complexes. Four plots are available for investors.
