The successful development of the coastal integrated entertainment resort area in Russia’s Far East is “very important” for local authorities. Andrey Larin, the province’s lieutenant governor, said so.
Mr Laryn’s comments confirmed the agreement on the development of additional casino projects in the region in a press release sent to GGRA by Primorsky Development Corporation.
A local government-owned company oversees the area 50 kilometers (31 miles) from Russia’s Pacific port of Vladivostok.
The new casino initiative, called “Shambala,” is promoted by Shambala CJSC, which is known to have been involved in gambling businesses in other parts of Russia, where games are legal.
The Shambala (painted by the artist’s rendering) will include a “large project in a hotel and entertainment complex” that will include a minimum investment of 8 billion rubles ($128.5 million), the press release added. The project will include “at least 270 hotel rooms” and more than 500 slot machines and 50 game tables.
Shambala CJSC was the only company to participate in the auction for two lands in Primorye, according to a press release. The deadline for applications was May 28.
The site has a total area of 13.78 hectares (34.1 acres). Construction is scheduled to begin in September.
The Primorsky Integrated Entertainment Resort Area is “critical to the social and economic development of the region,” Laryn said in comments included in the data.
He added that local governments are “focused on providing the most comfortable terms of cooperation and any kind of support to partners who conduct tourism operations in coastal areas.”
The data stated that Mr. Laryn had “personally supervised” the conclusion of the investment agreement with Shambala CJSC.
The announcement also quoted Primorsky Krai Governor Andrei Tarasenko as saying that “to date, the amount of investment agreements signed with [ Primorsky Krai] investors has reached nearly 70 billion RUBs, of which “more than 10 billion RUBs have already been realized.”
He added: “We can see the first results. After 2025, the project will bring 10 billion RUBs to the local budget each year.”
So far, the only Hong Kong-listed Summit Ascent Holdings Ltd. has built casinos in Primorsky Krai. It opened the first phase of its Tigre de Crystal Resort in the fall of 2015. Summit Ascent is currently working on a Phase II plan for Tigre de Crystal. In a recent announcement, Primorsky Krai Development said Summit Ascent plans to present its Phase II plan to local authorities “this summer.” 파워볼실시간
Nagakov, a Cambodian casino operator, has also begun construction on the file cap of a casino resort in Primorsky Krai. The development in Primorsky Krai is planned to be completed in 2019, and the facility is expected to open in 2020.