website has been launched to enable private companies and investors to submit proposals for the development of integrated resorts in the zone. Investors will have 60 days to submit their concepts from the day the RFC is officially published.
Primorsky is aiming to boost foreign tourism and economic development in the region and, thanks to its close proximity to Asia, sees the gambling zone as a way of capitalising on the growth of neighbouring economies. The zone is located around 20km from the new Vladivostok International Airport and is only a two-hour flight from Seoul, South Korea, and Tokyo, Japan.
"Over the next five years, the Russian Federation will continue to have a strong strategic interest in the economic development of the Far East region,” said Marina Lomakina, general director of Nash Dom Primorye. “Our view is that the tourism sector is a strategic economic opportunity that has yet to be fully developed.
“We believe the IEZ will create a compelling experience for Asian tourists seeking a destination that is near, but culturally different. At the same time, we believe that the private sector will be interested in the tourism and casino gaming potential of the IEZ."
A report from Russian Audit Chamber published at the end of last year suggested that public funds had been wasted in trying to create the country’s new casino gambling zones.
The government has spent in excess of us$ 44.7 million over the past three years to develop the sites but has received less than us$ 3.1 million in tax revenues. The remoteness of the designated gambling areas and a lack of support from state officials has been blamed for this. Only one of the zones – Azov City near the Black Sea – has opened two functioning casinos.