Auction planned for May 29
Two plots of land totaling 60.8 hectares (150 acres) are available for auction in Russia’s Primorye Integrated Entertainment Resort zone near Vladivostok. The Primorsky Krai Development Corp., which is managing the zone, said it plans “at least eight hotels with restaurants and casinos, as well as entertainment facilities” once the sector is fully developed.
“It is important to understand that our main task is to create an integrated entertainment resort area, which implies not only the development of gambling and hotel construction, but also the full development of the entertainment sector,” said Igor Trofimov, interim general director of Primorsky Krai Development.
Only one casino is now operating in the zone, Summit Ascent Holdings’ Tigre de Cristal, which opened in October 2015.
“At present, 10 sites with a total area of 60.8 hectares (150.2 acres) remain free on the territory of the IER,” Trofimov said. “The first lot will be presented as two plots with a total area of 14 hectares. The minimum amount of investments should be at least RUB8 billion (US$125.4 million).”
Primorsky Krai Development said the auction will be held on May 29, the day after the deadline for applications.
The government reassures investors it will not raise gaming taxes as previously reported. The rate will remain at RUB125,000 (US$2,198) per month per table and RUB7,500 per month for slot machines.
Two other gaming projects are now under construction in the zone: Selena, from Diamond Fortune Holdings Ltd., and Naga Vladivostok, from Hong Kong-listed NagaCorp Ltd. Both are due to open in 2019.
