NagaCorp rebrands Primorye project
Casino operator NagaCorp has rebranded its Primorye project as Naga Vladivostok, a name that honors its proximity to that city.
Russia.- Mayak, NagaCorp’s Primorye casino project that was first called Naga Entertainment City, has changed its name once again. The Cambodian operator has decided to honor the region’s neighbouring port city and has named its venture Naga Vladivostok.
General director of the Development Corporation of the Primorsky Territory Andrew Folomeev confirmed to Russia’s Interfax news agency (as quoted by CalvinAyre) the rebranding of the project whose opening date is still uncertain. NagaCorp expects to start operating by the end of 2018, but Union Gaming Securities Asia (UGSA) analysts said in a note that it might take until late 2019 to see it welcoming gamblers.
The region has several operators racing to establish and start operating, which means the note by UGSA represents good news for everyone but NagaCorp. Lawrence Ho’s Tigre de Cristal is the only open casino and is expected to be ready to start Phase 2 of construction by late 2019.
Meanwhile, Royal Time Group failed to comply with specified development timelines and has had its license void by a local court. The government is currently seeking for new investors to take its place as officials try to learn how to work with casino developers.
Russian Deputy Prime Minister Yuri Trutnev noted that the Primorsky gaming zone is a “socially significant” project and it requires more federal supervision. That probably means that the government will further pressure licensees to fulfill their timelines.
