|A Russian territory is to invest around $2 billion in 12 new casinos in an attempt to entice major global operators to the area.
The Primorsky Territory, which borders China and Korea, is offering a deal which will effectively mean casino firms will pay no gross gambling revenue tax in return for job creation and tourism development.
A document made public on Thursday reveals that state-owned developers Dom Primorye are inviting companies to bid on the project, with phase one of three set to be completed by 2016.
The document states that companies’ bids should focus on generating tourism from East Asia, with a particular emphasis on South Korea, Japan and greater China.
The development’s tourism zone will include luxury hotels, shopping malls and sporting venues, with operators given control of the land until 2025, with the opportunity for the deal to be extended.
The Russian government is not setting limits on the amount of casino space allowed but does want companies to ensure than a large portion of the developments’ total revenues come from non-gambling sources.
The deadline for bids is 21 September, after which time the government will review all proposals before starting discussions with certain interested parties by the end of October.