Catalyst for more investors to consider joining the zone
Russia: Primorye is set to open first hotel and casino in May
2015-03-03
Reading time 37 seg
(Russia).- The Primorye gambling zone in Russia is on the cusp of becoming a gambling destination as its first hotel and casino prepares for its May 2015 opening. Initial plans called for the Lawrence Ho-led First Gambling Company of the Far East‘s casino project to launch in March but Governor Vladimir Miklushevsky announced in December that the opening would be postponed two months.
The launch is widely seen as a catalyst, which has already secured investments from a number of world-class casino operators, including Cambodia’s NagaCorp.
Primorye has so far attracted significantly more investment than Russia’s other designated gambling zones. In January, Primorye officials said the region had received investment pledges amounting to US$ 2.2 billion, including US$ 1.4 billion from Ho’s Melco International Development and NagaCorp.
According to a member of the Federation Council, the upper chamber of the Russian parliament, the Altay region has generated nearly 7 billion rubles in investments, roughly US$ 114.2 million based on current exchange rates.
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