International edition
June 12, 2021

It will have a 119-room hotel, 800 slots, 25 VIP tables and 40 mass-market gaming tables

Lawrence Ho closes Russian casino deal

(Russia).- Macau casino developer Lawrence Ho Yau Lung has clinched an equity financing operation targeted at a Russian casino investment, two of his companies announced late Thursday. Summit Ascent Holdings told the Hong Kong Stock Exchange it has paid USD 9.02 million for 46 percent of an entity called Oriental Regent.

M

r 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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