{"id":27938,"date":"2022-03-09T10:03:19","date_gmt":"2022-03-09T13:03:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=27938"},"modified":"2026-04-23T10:39:28","modified_gmt":"2026-04-23T13:39:28","slug":"russia-sanctions-likely-led-nagacorp-to-halt-vladivostok-resort","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/russia-sanctions-likely-led-nagacorp-to-halt-vladivostok-resort","title":{"rendered":"Russia sanctions likely led NagaCorp to halt Vladivostok resort"},"content":{"rendered":"\n

An analyst at Daiwa Capital Markets Hong Kong Ltd has suggested NagaCorp may have decided to halt the development of its\u00a0<\/strong>casino resort in Vladivostok due to international financial sanctions against Russia.<\/p>\n\n\n\n\n\n\n\n

Cambodia.- NagaCorp’s decision<\/a>\u00a0to halt the development of its\u00a0US$150m casino resort in Vladivostok\u00a0<\/strong>indefinitely is likely the result of sanctions against Russia, analysts have suggested. The company gave no explanation to pause development of the Russian casino, saying only that the decision was taken in the interest of the company and its shareholders due to uncertainties surrounding the project.<\/p>\n\n\n\n

However,\u00a0Terry Ng, an analyst at Daiwa Capital Markets Hong Kong Ltd<\/strong>, said: “Management commented that the new round of sanctions affects NagaCorp\u2019s ability to continue funding the project.”<\/p>\n\n\n\n

He added that the company could sell the project and that if sanctions against Russia are not rolled back, NagaCorp’s ability to operate efficiently the project could be affected.<\/p>\n\n\n\n

There are currently two casinos operating in the Primorye Gambling Zone in Russia. The first,\u00a0Summit Ascent\u2019s Tigre de Cristal, opened to the public in 2015.<\/strong>\u00a0That was followed almost five years later by\u00a0Shambhala<\/a>, which opened at the height of the coronavirus pandemic.<\/p>\n\n\n\n

NagaCorp’s Vladivostok resort was expected to\u00a0include a multi-purpose facility measuring 21,500 square feet<\/strong>.<\/p>\n\n\n\n

Daiwa Capital Markets Hong Kong Ltd has cut NagaCorp’s 2022 earnings before interest, tax, depreciation and amortization (EBITDA) guidance by 61.5 per cent, mainly due to a “slower-than-expected recovery in regional travel” following Covid-19-related restrictions.\u00a0<\/p>\n\n\n\n

The group now expects NagaCorp’s EBITDA to reach US$274m in 2022. A figure that could grow to US$473m by 2023, and to US$605m by 2024.\u00a0In 2019, previous to the Covid-19 pandemic, the company generated EBITDA of US$672m.<\/p>\n\n\n\n

For the financial year 2021<\/a>, NagaCorp reported gross gaming revenue (GGR) of US$223.5m<\/strong>. Mass-market table games reached a GGR of US$66.5m <\/strong>and mass-market electronic gaming machines US$44m. The premium mass-market GGR was US$48.7m, while the recommended VIP market GGR was US$64.4m.<\/p>\n","protected":false},"excerpt":{"rendered":"

An analyst at Daiwa Capital Markets Hong Kong Ltd has suggested NagaCorp may have decided to halt the development of its\u00a0casino resort in Vladivostok due to international financial sanctions against Russia.<\/p>\n","protected":false},"author":176,"featured_media":18779,"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 halted the development of its US$150m casino resort in Vladivostok, Russia. Analysts from Daiwa Capital Markets attribute this decision to international financial sanctions against Russia, impacting NagaCorp's ability to fund the project. This strategic shift has led to a significant 61.5 per cent cut in NagaCorp's 2022 EBITDA guidance, reflecting broader market uncertainties and a slower regional travel recovery.","focusai_entities":"NagaCorp, Daiwa Capital Markets Hong Kong Ltd, Terry Ng, Summit Ascent, Tigre de Cristal, Shambhala","focusai_location":"Vladivostok, Russia, Cambodia, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.9), operator_casino (1.0), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"NagaCorp's Next Steps?","query":"What alternative capital deployment strategies or market diversification initiatives is NagaCorp considering to mitigate the impact of the Vladivostok project halt and regional travel recovery challenges?"},{"label":"Russia Gaming Outlook?","query":"How do the ongoing international sanctions against Russia and the indefinite suspension of NagaCorp's project alter the long-term investment attractiveness and operational viability for other iGaming operators in the Primorye Gambling Zone?"}],"footnotes":""},"categories":[157,158,16333],"tags":[2336],"class_list":["post-27938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27938","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=27938"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27938\/revisions"}],"predecessor-version":[{"id":27949,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27938\/revisions\/27949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18779"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}