Deadline for bids extended to September 29
Global gaming operators are reportedly looking at several tracts of land earmarked for casino development in Russia’s Primorye special economic zone.
Andrey Folomeev, general director of Primorsky Krai Development, told GGRAsia that the firm has fielded inquiries about at least two plots from investors in China, South Korea, and “several European countries” as well as Russia. In July, the development authority launched three independent auctions for land in Primorye pegged for casino resorts. The deadline for applications, originally August 28, was extended to September 28, then pushed back again to September 29. According to CalvinAyre.com, the corporation also reserves the right to reschedule again provided it gives three days’ notice.
Companies interested in setting up casino operations are required to invest a minimum of $120 million for the smallest plot (17.2 acres) to at least $300 million for the largest (48.6 acres). Two of the three plots were previously awarded to Gaming Group Primorye LLC and the Royal Time Group, but those projects were not developed in a timely matter and the agreements were rescinded by Primorsky Krai.
A report from Ernst & Young says the casino zone is expected to generate annual gross gaming revenue of US$2.2 billion by 2025. Folomeev added that the area—now home to a single resort, Lawrence Ho’s Tigre de Cristal, which opened in October 2015—could attract some 8 million tourists by 2022, when as many as eight casino resorts could be in operation. Primorsky Krai Development expects to spend up to US$926 million in infrastructure development in the region, GGRAsia reports.
Hong Kong-listed NagaCorp is also developing a casino resort in Russia, expected to open in the first half of 2019. A third investor, Diamond Fortune Holdings Ltd, reportedly began recently site preparation for its Selena World Resort and Casino, also targeted for a 2019 opening.
