Includes $70M casino
Russia-based gaming operator Diamond Fortune Holdings Prim hopes to open its first casino resort in the Primorye Integrated Entertainment Zone near Vladivostok sometime in 2020.
Construction will begin soon on Phase I of the project, to be known as Selena. It represents an initial investment of about US$220 million Phase I and will be complete in about 18 months, Diamond Fortune CEO Thomas Gibbons said in an interview with GGRAsia.
“Phase one will be divided into A and B phases, with the casino being built first at a cost of US$70 million,” said Gibbons. “We expect to be opening the casino phase, at the latest in September 2020.”
Construction of the hotel “will continue after the casino has opened at a cost of US$150 million,” said Gibbons, with Phases II and III “ongoing according to the market.” The property will feature nearly 1,300 hotel rooms as well as shops, nightclubs, food court and a spa. “We will be catering to a large diversity of customers,” Gibbons said.
Construction of a second $US151.5 million property, dubbed Moon Gate, will follow. “We haven’t moved forward with that yet; we will see how Selena goes first,” Gibbons said.
Only one casino resort now operates in the PIEZ, located in Russia’s Far East: Summit Ascent Holdings’ Tigre de Cristal, which opened in October 2015. But several more are in the works. The zone will flourish with a cluster of casino resorts, said Gibbons. “There’s enough business around.” The IEZ occupies 619 hectares. About a dozen properties are envisaged for the first stage of the zone’s development, covering 263 hectares (650 acres).
Gibbons said his company plans to offer “various levels of gaming for various levels of client. We’ll have our Asian market and the local market, which will be segmented in different levels.”
He noted that the number of foreign-visitor arrivals is growing. The Primorye region welcomed 643,996 international visitors in 2017, up 13.3 percent from 2016, according to official data. “With the advent of the electronic visa, it’s very easy for people to get into the region,” Gibbons added. Tourists from 18 countries including China and Japan can secure visas on arrival if they apply online first.
Diamond Fortune’s CEO said he believed that the development of more casino schemes in the PIEZ would “enhance the overall project, and attract more, and more people from neighboring countries.” Alexander Mishkitblit, Diamond Fortune’s deputy CEO agreed, saying the key is “building the client base.”
“The more casinos in this market, the better it will be for us too. It means more facilities, which will help attract more people to the market, and create better infrastructure,” said Mishkitblit.
All the properties planned for the Phase I of Primorye IEZ should be in operation by 2025, representing a total investment of US$2.70 billion, according to information provided by the PDC.
Privately-held Diamond Fortune was founded in 2010 by a group of Russian investors.
