Primorsky Krai Begins Auction of Three More Lots For Casino Development
Russia’s government-backed agency Primorsky Krai Development Corp has launched an auctioning process for three plots earmarked for casino development.The designated sites are located inside the Primorye Integrated Entertainment Zone (IEZ), which is an exclusive zone for casino properties situated close to the port of Vladivostok in East Russia.
The application process for the three plots began on July 14 and will end on August 28. The final winners will be announced on the following day according to a note published on the agency’s website.
The first lot is spread over 7.9 hectares (17.2 acres) and investors are required to pump in at least $120 million.The project should include a four-star casino hotel while the gaming floor of the project should have a minimum of 50 gaming tables and around 300 slot machines.
The second site has a land area of 13.78 hectares and consists of two adjacent pieces of land. This lot will require investment of at least $210 million for a hotel and casino complex. The gaming area must have at the minimum around 100 gaming tables plus 500 slot machines
The final third lot covers 19.7 hectares and will comprise a hotel complex that will feature a casino and a large park area. Requiring a minimum investment of $300 million, the casino floor will have at least 100 gaming tables and 500 slot machines.
A spokesperson for the Primorsky Krai Development stated that the some portion of the land being auctioned had been initially allotted to a Russo-Chinese investment group. But since the group had been unable close negotiations with Primorsky Krai Development in 2017, it
had lost its rights to the land.
Recent reports in Russian media have highlighted the fact that the government was concerned at the delays in the development of proposed casino projects in the Primorye IEZ. Consequently the government has taken action against some of these operators.
Brokerage firm Union Gaming Securities Asia Ltd recently noted that the government had cancelled the license granted to a company called Royal Time LLC, for failing to make adequate progress on its project.
Currently only the Summit Ascent Holdings Ltd-owned Tigre de Cristal casino is operational. Cambodian casino operator NagaCorp Ltd is the second operator who is in the process of developing the second casino project which is expected to open by early 2019. A third project being developed by Diamond Fortune Holdings Ltd reportedly started construction work recently. The company plans to open its facility sometime in 2019.
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