Primorye project fails to prosper

A court ruling in Primorye stopped a casino project that was set to be headed by Royal Time Group.

Russia.- The court of Primorye ruled on Thursday to uphold the Development Corporation’s claim to finish the deal with Royal Time subsidiary Royal Time Primorye. The company will also have to pay US$212 in court costs, as reported by CalvinAyre.

The ruling establishes that the sublease agreement for the land where the casino was supposed to be built is cancelled, as well as the termination of the contract of “investment project number nine.” The Development Corporation of the Primorsky Territory filed the claim in April over the company’s subsidiary’s failed attempts to develop the project on schedule. The territory’s Vice-Governor had also warned the developers to stick to the agenda if they didn’t want further fines.

Despite the lack of construction activity, tourism in the Primorye gambling zone has increased thanks to Tigre de Cristal’s location near the local airport. Largely thanks to the casino, the passenger number flown to Primorsky Territoy rose by 30 percent in 2016 and that’s also shown by the casino’s revenues, that were increased by foreign tourists by 95 percent.