Royal Time Primorye’s license gets voided
Primorsky Krai authorities have voided Royal Time Primorye casino license due to its lack of commitment with a casino resort investment.
Russia.- Royal Time Primorye’s intentions to develop a casino resort in the Primorye Krai have been shut down after it failed to complete the investment for the project. The authorities decided to void its casino license as the company couldn’t carry out construction plans in due time.
The operator had signed a contract in February 2015 to build the Zhar-Ptitsa resort, a US$215 million project that would’ve included casino, hotels, a shopping mall and a concert arena. Nonetheless, as it didn’t fulfil the agreement’s terms (construction was supposed to start in Spring 2016) the authorities voided the license.
The Primorsky Krai administration is certain that they will find another investor, as reported by Innovate Gaming, and confirmed that “there are several others who have already declared interest.” Sofia Korotina, spokeswoman for the state corporation, said that the land plot “will be auctioned off” and informed that they’ve reached a number of agreements “at a recent expo in Macau.”
There’s reports that the licence may end up in NagaCorp Ltd.’s hands, a Hong Kong-listed company that has shown interest in developing a project in the area. The former Royal Time project would add up to its US$350 million resort that’s currently under construction in the area. G1 Entertainment, subsidiary of Lawrence Ho’s Summit Ascent, is also interested in the project.
