Measure goes for second reading
Summit Ascent Holdings Ltd., which operates the only casino in Russia’s Primorye economic development zone, is concerned the local government may double casino gaming taxes.
Under a draft bill submitted to the state Duma, the government has proposed raising the maximum tax per gaming table from RUB125,000 (US$2,112) to RUB250,000 and the maximum tax on gaming machines from RUB7,500 (US$1,267) to RUB15,000.
“It is too early for the board of directors of the company to predict whether the above proposed changes will become legally enforceable,” said the company in a statement.
Summit Ascent estimated that, if the bill becomes law, there would be a negative impact of approximately RUB9.02 million (US$150,000) on the monthly gaming tax payable by Tigre de Cristal, or RUB108.24 million (US$1.825 million) per year.
Hong Kong-listed Summit Ascent, controlled by Macau casino magnate Lawrence Ho, is the lead developer of Tigre de Cristal, which opened in October 2015 and remains the only operating casino in the Primorye casino district.
Two other operators are developing casinos in the Primorye district, about 30 miles from the Black Sea port of Vladivostok. Hong Kong-listed casino NagaCorp broke ground on its resort complex in May 2015 and hopes to open in the first half of 2019. Diamond Fortune Holdings, which began site development in Primorye earlier this year, plans to open Phase I of its Selena World Resort and Casino in 2019.
