Russian investor abandons Primorye

Russian company opts out of Primorye

Khayna Yunli Company decided not to invest in Primorye and had to pay compensation to the authorities.

The Khayna Yunli Company has allegedly paid a compensation of US$1.8 million to Primorye authorities for withdrawing from its project.

Russia.- Khayna Yunli Company, a Russian investor, has reportedly opted out from its project in the Primorye gambling zone, according to Betting Business Russia. The company had to pay the Primorye Territory Development Corporation an amount of 100 million rubles (US$1.8 million) in terms of compensation for backing down from the construction in the area.

The press service for Khayna Yunli Company stated that “it is not an investor” and clarified: “An investment agreement was not signed. The company paid 100 million rubles in compensation for non-show at the site.” Said money is likely to be invested in infrastructure facilities in the Primorye gambling zone.

In November 2015, the corporation was registered in Vladivostok right before an auction to get the sublease agreement for a segment of the land that totalled an area of 216.703 square meters. Then, according to the Primorsky Territory Development Corporation, Khayna Yunli became the fifth investor in the gambling area after bidding 1.5 billion rubles (US$ 26.6 million).

There’s currently only one operational gaming project in Primorye: Lawrence Ho’s Tigre de Cristal. But there are also another three that are expected to open their construction phases next year like NagaCorp’s Mayak and Diamond Fortune Holdings’ Selena Resort.