iting a representative of Royal Time Management, a subsidiary of the project’s investment company, Royal Time Group,the Vedomosti newspaper reported that the delay is due to the increased difference in the exchange rate between the rouble and foreign currencies.
This has in turn pushed up the cost of the project as the main decoration materials and equipment are supplied from abroad, said Olga Khalitova.
Royal Time Group has announced plans to open the first stage of the project by the end of 2015 and estimated its investment in the Kaliningrad gaming zone at no less than 45 billion roubles ($730 million).
The company intended to use these funds to build at least 267,000 square meters of various facilities by 2029, including casinos, restaurants, bars, a hotel, and a medical complex. The first stage of the project was supposed to include some 18 000 square meters of facilities.
According to Khalitova, the company is currently completing installation of the roof on the main building, finishing an underground parking and laying communications.
According to the Russian Central Bank data, since the beginning of 2015 the rouble depreciated against the dollar by 10.4 percent but, in fact, since last year the Russian currency has dropped almost two-fold in comparison to the dollar. Royal Time Group is also one of the investors in the Azov-City and Primorye gaming zones.