{"id":27798,"date":"2022-03-04T07:04:36","date_gmt":"2022-03-04T10:04:36","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=27798"},"modified":"2026-04-23T10:48:19","modified_gmt":"2026-04-23T13:48:19","slug":"nagacorp-halts-development-of-russian-gaming-resort","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagacorp-halts-development-of-russian-gaming-resort","title":{"rendered":"NagaCorp halts development of Russian gaming resort"},"content":{"rendered":"\n

NagaCorp has announced it will indefinitely suspend the development of a gaming resort in Vladivostok.<\/p>\n\n\n\n\n\n\n\n

Cambodia.- NagaCorp has announced that it has decided to suspend the development of its\u00a0US$150m casino resort in Vladivostok\u00a0<\/strong>indefinitely “until the circumstance is clearer.” The board of directors of NagaCorp said the decision was taken in the interest of the company and its shareholders due to uncertainties surrounding the gaming and resort project.<\/p>\n\n\n\n

Last August,\u00a0NagaCorp\u00a0<\/strong>had announced it had\u00a0chosen a Russian contractor<\/a>\u00a0to\u00a0resume building work on its casino resort<\/strong>. It was also\u00a0looking for another contractor<\/strong>\u00a0for outdoor engineering and landscaping works. The company invested US$84m in the development\u00a0<\/strong>of the Naga Vladivostok first phase.<\/p>\n\n\n\n

The Vladivostok venue was expected to\u00a0include a multi-purpose facility measuring 21,500 square feet<\/strong>. There are currently two casinos operating in the Primorye Gambling Zone in Russia. The first resort in the zone,\u00a0Summit Ascent\u2019s Tigre de Cristal, opened to the public in 2015.<\/strong>\u00a0<\/p>\n\n\n\n

It was followed almost five years later by Shambhala<\/a>, which opened at the height of the coronavirus pandemic.<\/p>\n\n\n\n

Moody\u2019s expects recovery in NagaCorp\u2019s operating performance in 2022<\/h2>\n\n\n\n

Moody\u2019s Investors Service <\/strong>has reviewed NagaCorp\u2019s outlook, finding that the company\u2019s \u201cB1\u201d credit rating reflects the \u201cdominant position\u201d of its NagaWorld casino resort in Phnom Penh, Cambodia.<\/p>\n\n\n\n

Analysts predict a recovery in NagaCorp\u2019s operating performance in 2022 <\/strong>following the reopening of its casinos in September 2021 and further easing of pandemic-related restrictions given Cambodia\u2019s vaccination rate.<\/p>\n\n\n\n

The casino operator shared its operating results for the financial year ended 31 December 2021<\/a>, reporting gross gaming revenue (GGR) of US$223.5m<\/strong>. NagaCorp reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$15.6m and Adjusted EBITDA of US$22.4m. <\/p>\n","protected":false},"excerpt":{"rendered":"

NagaCorp has announced it will indefinitely suspend the development of a gaming resort in Vladivostok.<\/p>\n","protected":false},"author":176,"featured_media":25662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"NagaCorp has indefinitely suspended its US$150 million gaming resort development in Vladivostok, Russia, citing project uncertainties after investing US$84 million in its first phase. Concurrently, Moody's maintains a \"B1\" credit rating for NagaCorp, projecting operational recovery in 2022, driven by its dominant NagaWorld property in Phnom Penh, Cambodia, following 2021 GGR of US$223.5 million.","focusai_entities":"NagaCorp, Summit Ascent, Moody's Investors Service","focusai_location":"Vladivostok, Russia, Cambodia, Phnom Penh","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Vladivostok Project Rationale","query":"What specific \"uncertainties\" led NagaCorp to indefinitely suspend the Vladivostok project, and what are the implications for other potential investors in the Primorye Gambling Zone?"},{"label":"Capital Reallocation Strategy","query":"How does the US$84 million investment in the suspended Vladivostok project impact NagaCorp's capital allocation strategy, and where might these funds be redeployed to maximize shareholder value?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23907,2336],"class_list":["post-27798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-land-based-casino","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27798","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=27798"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27798\/revisions"}],"predecessor-version":[{"id":27837,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27798\/revisions\/27837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25662"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}