NagaCorp halts development of Russian casino
Casino developer NagaCorp has announced a halt to its planned construction of a casino in Vladivostok, Eastern Russia.
Overlooking Golden Horn Bay, and in close proximity to the borders of China and North Korea, Vladivostok had been earmarked as a strategic location for NagaCorp to add to its portfolio of land-based casinos.
In a statement released by the company, the board of directors expressed their desire to invoke the force majeuere clause set out in its statement and suspend the current construction process.
NagaCorp states its suspension of the development process will be in place “indefinitely,” until the circumstances surrounding the project become clearer.
No mention is made of the Russian invasion of Ukraine as cause for the delayed development, despite the growing number of businesses cutting financial ties with the Russian state.
The casino in eastern Russia was due to comprise of a casino hall, hotel and exhibition venue.
NagaCorp last released an update on the casino’s development in February. In the update, it noted that roof slabs for a podium were being constructed, while the assembly of the ballroom had reached a first stage.
NagaCorp notes no further announcement will be made until an appropriate and necessary time emerges.
At this time, it is unclear when construction will recommence.
And today, Softswiss Founder Ivan Montik spoke exclusively to Gambling Insider on his decision to pull out of ICE London, to focus on redirecting finances toward the humanitarian crisis in Ukraine.
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