An undisclosed company will invest US$142m to develop a casino and entertainment complex in the Primorye Gambling Zone in Russia.<\/p>\n\n\n\n\n\n\n\n
Russia.- The Primorye Gambling Zone in Russia continues to grow with a new casino and entertainment complex\u00a0<\/strong>reported to be confirmed. <\/p>\n\n\n\n Primorsky Krai Development Corporation JSC, the company responsible for overseeing the gaming zone, has revealed that\u00a0a “major Russian investor” will invest nearly US$142m to develop a new casino<\/strong>.<\/p>\n\n\n\n The unnamed company has acquired\u00a014 hectares. <\/strong>It plans to build at least 300 hotel rooms\u00a0of at least four-star quality and\u00a0to host 500 units of gaming equipment<\/strong>.<\/p>\n\n\n\n Olga Sun-zhayu<\/strong>, general director of the development corporation, said: “The new resident chose one of the best-located sites \u2013 on a hill, practically at the entrance to the gambling zone.”<\/p>\n\n\n\n The first resort in the zone, Summit Ascent\u2019s Tigre de Cristal, opened to the public in 2015.<\/strong> It was followed almost five years later by Shambhala<\/a>, which opened at the height of the coronavirus pandemic.<\/p>\n\n\n\n Summit Ascent Holdings<\/a>\u00a0<\/strong>has posted\u00a0revenue of HK$129.5m (US$16.6m)<\/strong>\u00a0for the first half of 2021. Net losses were reduced from HK$47m to HK$131,000<\/strong>\u00a0when compared to the first half of the last year when\u00a0Tigre de Cristal<\/a>\u00a0closed its doors amid Covid-19 countermeasures announced by the Russian government.<\/p>\n\n\n\n NagaCorp’s project<\/a>\u00a0<\/strong>for the zone was put on pause due to the pandemic,\u00a0<\/strong>but the company estimates that\u00a0the venue will be completed in 2022.<\/strong> In February, the government said it will push through\u00a0permits for foreign workers<\/a>\u00a0to help\u00a0Hong Kong\u2019s NagaCorp bring forward work on its casino resort\u00a0<\/strong>near Vladivostok.<\/p>\n\n\n\n The director of the territory\u2019s tourism department, Konstantin Shestakov, said the government\u00a0wants to see progress on the development of Primorye.<\/strong> The zone is expected to eventually host\u00a012 casino complexes<\/strong>. Four plots are available for investors.<\/p>\n","protected":false},"excerpt":{"rendered":" An undisclosed company will invest US$142m to develop a casino and entertainment complex in the Primorye Gambling Zone in Russia.<\/p>\n","protected":false},"author":176,"featured_media":17514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"An undisclosed Russian investor is committing US$142 million to develop a new casino and entertainment complex within Russia's Primorye Gambling Zone, encompassing 14 hectares for 300+ hotel rooms and 500 gaming units. This development signifies continued expansion for the zone, which already hosts operators like Summit Ascent's Tigre de Cristal and Shambhala, with NagaCorp's project also progressing. The government is actively supporting the zone's growth, aiming for 12 complexes.","focusai_entities":"Primorsky Krai Development Corporation JSC, Summit Ascent, NagaCorp, Olga Sun-zhayu, Konstantin Shestakov, Shambhala, Tigre de Cristal","focusai_location":"Russia, Primorye Gambling Zone, Vladivostok, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Investor Identity?","query":"What is the identity of the 'major Russian investor' and what is their track record in large-scale integrated resort development or capital markets?"},{"label":"Market Impact?","query":"How will the introduction of this new US$142 million complex impact the GGR and NGR projections for the Primorye Gambling Zone, and what competitive pressures will it exert on existing operators like Summit Ascent and NagaCorp?"}],"footnotes":""},"categories":[28,16331],"tags":[23907],"class_list":["post-22123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-elsewhere-news","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22123"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22123\/revisions"}],"predecessor-version":[{"id":22138,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22123\/revisions\/22138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17514"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}