First in series of Russian casinos
Summit Ascent Holdings, a company controlled by Asian gaming giant Lawrence Ho, has signed a non-binding agreement with Kangwon Land Inc. of South Korea for “potential areas of cooperation and strategic partnership,” reports GGRAsia.
The plan includes a “possible Korean contractor and Korean project finance” for Phase II of Tigre de Cristal, and possible “project finance investment in Phase II by Kangwon Land.”
Kangwon Land operates a casino of the same name in the Himalayas. It is the only legal casino among 17 in South Korea that permits residents to play. Kangwon Land reported net income of KRW123.7 billion (US$110.1 million) for the second quarter of 2016, up by 27.1 percent year-on-year.
Tigre de Cristal opened in Russia’s Primorye special economic zone near Vladivostok last October. The first phase of the deluxe resort included a 119-room hotel and casino with 800 slots and 25 VIP tables; it is the first in a series of planned resorts in the special zone.
According to the Moscow Times, the regional government expects the special district to bring in more than 1 billion rubles ($US16 million) in new taxes, as well as create new jobs and boost tourism and economic growth in the vicinity. In a filing, Ho’s Summit Ascent Holdings said the company is “optimistic about the prospects for our project in the Far East.”
Former banker Craig Ballantyne, Tigre de Cristal’s chief operating officer, said the casinos will take advantage of “the 120 million gambling-mad Chinese, Japanese and Koreans living within two hours’ flying time of this place.”
