Lawrence Ho closes Russian casino deal
Mr Ho’s primary investment vehicle Melco International Development – which holds a stake in Macau casino operator Melco Crown Entertainment – said it paid us$ 980,392 for 5% of Oriental Regent.
The latter is a holding company that owns 50 percent of First Gambling Company of the Far East. First Gambling in turn has a gaming licence in the Primorye region of the Russian Far East near Vladivostok. Ho holds a controlling 36.81 percent share of Summit Ascent and he is also the chairman of Melco International Development.
The estimated investment for the first phase of the Primorye resort – next door to China’s Heilongjiang province – is about us$ 130 million, according to earlier filings. It will have a 119-room hotel, approximately 800 slot machines, 25 VIP gaming tables and 40 mass-market gaming tables, according to earlier filings.
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