There have been no bids for casino sites to be auctioned in the Primorye Integrated Entertainment Zone near Vladivostok in Russia’s Far East.
In July, the Primorsky Krai Development Corp. identified three parcels set aside for casino development. Originally, the deadline for applications was August 28, but the time limit was extended until September 28).
“We held on-site activities to demonstrate the potential of the lands,” according to the company, which said it had received expressions of interest from firms in Russia, China, South Korea and several European countries.
“We have not received applications yet [for the land auctions] but our headquarters are staying in touch with investors and companies,” a Primorsky Krai Development spokesperson told GGRAsia.
The only operational casino in the development zone is Hong Kong-listed Summit Ascent Holdings Ltd., which opened its Tigre de Cristal resort in October 2015. Hong Kong-listed NagaCorp Ltd. held a groundbreaking ceremony on its Primorye site in May 2015, and Chairman Tim McNally has said the firm still plans to open the property in the first half of 2019. Diamond Fortune Holdings Ltd. also has reportedly begun site preparation for its first casino resort in Primorye. The Selena World Resort and Casino is scheduled to open in 2019.
When the new resorts are up and running, Summit Ascent Holdings expects the “cluster effect” to build business for everyone in the market, the operator told Inside Asian Gaming.
In its 2017 Annual Report, the company run by Lawrence Ho said, “We expect that ongoing efforts of the Russian government to promote the Russian Far East as a tourism destination will accelerate the already explosive growth of foreign tourism and provides us optimism that there is additional room to further ramp up our business.”
The company recently announced a 20 percent increase in revenue for the first six months of 2017 to HK$204.6 million (US$26.2 million), due mostly to growth of 140 percent in VIP rolling chip turnover at Tigre de Cristal.
