Summit Ascent Holdings Ltd., owner of Primorye, on Russia’s Pacific coast, is likely to benefit from Russia’s new electronic visa regime, according to brokerage Daiwa Securities Group Inc. “Unlike Macau, Chinese nationals face no limits on the frequency or length of stay as there are no travel restrictions set down by the Chinese government regarding Russia,” wrote analysts for Daiwa.
The previous rules created problems for Summit’s development of gaming in China. The analysts wrote: “In the longer run, we continue to hold the view that such developments will help drive the underserved and underpenetrated Northern Chinese provinces that are well within Summit Ascent’s Tigre de Cristal catchment area.”
Tigre de Cristal is the only casino in Primorye, which is near the Russian Pacific port of Vladivostok.
The new rules make it possible for tourists from 18 countries, including Japan and Chine to obtain visas in Vladivostok four days before they arrive. The visas are good for 30 days. The approval process can take a few hours, Daiwa reports.
Previously visitors from China were usually forced to enter the Pacific port as part of tour groups, a process that was also expensive and required a “burdensome documentation process,” according to Daiwa.
