NagaCorp. also in development in the casino zone
On June 1, a Russian arbitration court upheld a decision by the Primorsky Territory Corp. to sever its relationship with the Royal Time Group, which had been building a casino resort in the Far East economic zone.
Royal Time began construction on its Firebird resort in March 2016, the report said. The group intended to build a casino complex with several luxury hotels. Repeated delays in construction were followed by warnings from the territory that the license was at risk.
The entertainment zone currently has one currently operating integrated resort. Summit Ascent Holdings, owned by Melco Resorts head Lawrence Ho, opened its Tigre de Cristal property in 2015. Another resort is now under construction by NagaCorp, the operator of NagaWorld in Cambodia.
Tigre de Cristal has caused a spike in visitation to the Primorye, say local officials. “The entertainment complex is visited by about 1,000 people per day, whereas the casino operators started with 100 visitors a day,” said Primorye Vice Governor Evgeny Polyansky. “The ratio of foreign and local visitors is almost proportional, but 95 percent of the casino’s revenues comes from foreign tourists.”
