South Korean company to develop new casino resort in Russia’s Primorye

The Primorsky Territory Development Corporation has revealed that Plgen Holdings has signed an agreement to build a casino resort in the Russian gambling zone.

Russia.- While many companies pull out of Russia, the country’s Primorye Gambling Zone is still attracting developers. A South Korean company called Plgen Holdings has confirmed it will develop a casino resort in the region, with a slated opening of late 2025.

According to the Primorsky Territory Development Corporation, Plgen Holdings will initially invest RUB2.5bn (US$23.4m) in the first phase of the resort, which will include a casino hotel with more than 100 rooms.

The announcement comes after NagaCorp decided to suspend the development of its US$150m casino resort in Vladivostok “until circumstances are clearer.” It gave no reason but it’s believed sanctions against Russia may have affected its ability to fund the project.

Igor Trofimov, executive director of the Primorsky Territory Development Corporation, said: “We are pleased to welcome new foreign investors and are confident that this is a good continuation of the fruitful cooperation between the Republic of Korea and the Primorsky Territory in the development of tourism and international relations.”

The first resort in Primorye, 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.