Second IR in Primorye zone
NagaCorp’s $350 million casino resort project, now under construction on the Black Sea in Vladivostok remains “broadly on schedule for operation by 2019,” according to the Asia Gaming Brief.
In the company’s annual report, NagaCorp Chairman Tim McNally said the move into Russia will “diversify our business geographically and expand into new casino markets will drive revenue growth in the long term.”
The Hong Kong-listed company is the largest gaming operator in Cambodia. Its Russian resort, reportedly to be called Primorsky Entertainment Resort City, will join Summit Ascent Holding’s Tigre de Cristal, which opened in October 2015.
The Primorye economic zone is one of four designated casino zones in Russia and was created to take advantage of its proximity to the Korean and Chinese markets, reported Pechanga.net. According to officials, more than 200,000 people visited Tigre de Cristal in 2016, its first full year of operations. And in a recent report, Daiwa Securities Group Inc. said Lawrence Ho’s Tigre de Cristal enjoyed gaming volumes comparable with those of Macau in its early years.
Last year, NagaCorp, which also operates NagaWorld in Phnom Penh, Cambodia, saw net profits increase 7 percent over 2015 and gross gaming revenues rise 4 percent. Non-gaming revenues for the year rose by 33 percent to $30.7 million.
