Two others in the works in PIER
South Korean casino operator K International is considering developing a gaming hall in Russia’s Primorye casino zone, near the port city of Vladivostok. The company reportedly plans to invest $263.6 million in the venture, which will include a hotel and entertainment complex that includes a casino, a shopping center and a duty-free zone.
According to CalvinAyre.com, 118 acres are still available for development in the zone, known as the Primorye Integrated Entertainment Zone, or PIER. Just one resort is now operating there, the $144 million Tigre De Cristal, which opened in October 2015. But others are in the works, including NagaCorp Ltd.’s Naga Vladivostok and the $900 million Selena World Resort and Casino, a project planned by Russia’s Diamond Fortune Holdings.
Primorsky Krai Development Corp. General Director Igor Trofimov confirmed that the group had been negotiating a possible venue with K International. He told Asia Gaming Brief, “We have been engaged in negotiations since the beginning of this year. The company accepts the terms of cooperation and is ready to sign the contract. For the implementation of the project, it considers a 20-hectare (49-acre) site with a fairly flat landscape.”
According to AGB, the project will be funded through a partnership between K International and “subsidiaries of the largest Korean corporations.” That partnership will result in the formation of a holding company that will subsequently fund and manage the project.
