Investors of entertainment complex Tigre de Cristal, the first object opened in the integrated entertainment zone Primorye, will invest over $500 mln in the second stage of the project.
Entertainment complex Tigre de Cristal became the first object opened in the territory of integrated entertainment resort zone Primorye, of the three gambling zones established in Russia.
The main investor in the largest in Russia casino Tigre de Cristal in the Primorye gambling zone intends to invest $500 mln in its development, the start of the second stage is planned for 2017, Senior Vice-President of the casino Tigre de Cristal Stylianos Tsifetakis told the journalists.
Hong Kong-listed casino operator and developer NagaCorp Ltd has broken ground on its planned gaming resort in the Russian Far East and is to move forward with the first phase of construction. The news was confirmed to GGRAsia in an email from company chairman Tim McNally.
“We had the ground breaking ceremony at end of May and will be moving forward with construction of [the] first phase. Budget for first phase will be in range of US$150 million to US$200 million,” said Mr McNally.
In an interview in November, Mr McNally had mentioned there might be three phases of construction for the casino scheme (pictured in an artist’s rendering) in the Primorye region. The area of Russia near to the port of Vladivostok has borders with, respectively, China and North Korea. The first phase budget mentioned in November for NagaCorp’s Russian venture was estimated at between US$50 million and US$70 million.
The development is part of an economic regeneration scheme labelled by the local government variously as the “Integrated Entertainment Zone of the Primorye Region”, or “Primorsky Entertainment Resort City”, also known as “PERC”.
Another casino resort in the zone is nearly ready and is due to open by August 28, according to a Hong Kong filing in May by Summit Ascent Holdings Ltd. The scheme, dubbed as “Tigre de Cristal”, is majority-owned by Summit Ascent, a firm controlled by the Macau and Philippines casino developer and operator Lawrence Ho Yau Lung.
Summit Ascent’s project is expected to have 119 hotel rooms, 800 slot machines, 25 VIP gaming tables, 15 mass-market baccarat tables and 25 mass-market tables providing other table games.
In September 2013, Mr Ho pledged to invest US$700 million in the gaming resort, signing a deal with the Russian authorities.
Diamond Fortune Holdings, one of four operators granted permission to engage in gambling activities in the Primorye Integrated Resort and Entertainment Zone, has begun construction on the Selena hotel and entertainment complex, which will include a five-star hotel, casino, several restaurants and bars as well as a health and spa complex.
The first phase of the complex will be built on an area of roughly 10 hectares, the Primorye Administration’s press service reports.
During the subsequent stages of building the hotel and entertainment zone, Diamond Fortune Holdings Prim plans to build an entertainment park and additional hotel at the casino and later implement a project involving a seven-star hotel with private villas.
The Primorye Gambling Zone was established in accordance with an order of the Russian government. It is located within the boundaries of the Artemovsky city district in Muravinaya Bay in the northwestern part of Ussuri Bay, some 15 km from an international airport and 50 km from Vladivostok.
The gambling zone has total area of 619 hectares. A total of 263 hectares have been allocated for development and integrated construction, while the remaining territory is considered as a zone for future construction.
It was previously reported that the regional authorities had concluded agreements concerning investment in an integrated resort in the Primorye Gambling Zone for a total of USD 1.4 billion with the companies Primorye Entertainment Resorts City (NagaCorp Ltd.), Melco International Development Limited and Diamond Fortune Holdings Prim and also for a total of USD 765 million with LLC Royal Time and LLC First Gaming Company of the East.
The first hotel in the gambling zone is to open in 2015. Personnel are already being recruited for the hotel.
Primorye Region Development Corporation (wholly owned by the Primorye Region) is handling the construction of roads and running utility infrastructure.
LLC First Gaming Company of the East was the first of the four operators granted permission to engage in gambling activities in the Primorye Integrated Resort and Entertainment Zone to start construction. The company expects to open its first casino – the Tigre de Cristal complex – in the Primorye Gambling Zone by the end of summer 2015.
Diamond Fortune Holdings Prim was the second operator to start implementing the project. The other operators of the Primorye Gambling Zone are NagaCorpLtd (Cambodia) and a group of companies affiliated with LLC Royal Time (Kazan).
Cambodia’s NagaCorp Ltd (which manages a major hotel and entertainment complex in Cambodia) is planning to complete the first phase of construction of a hotel complex with a casino in the Primorye Gambling Zone with a total cost of USD 350 million in 2018.
Melco Crown Entertainment
Company's website: www.melco-group.com
T: (852) 3151 3777
Contact: Mr. HO Yau Lung, Lawrence, Chairman of the Board of Directors, CEO
Melco Crown Entertainment is a Hong Kong-based company that works in the gambling and hospitality business (casinos, hotels, resorts, shopping and entertainment centers). Founded in December 2004 as Melco PBL Entertainment (Macau) Limited, it has been a joint venture of the Hong Kong-based group Melco International Development and Austrian casino operator Crown Resorts Limited since May 2008.