The decision to award the project to the construction firm, announced by Primorsky Krai Development Corporation, represents the first foray into the Primorsky gambling zone by a South Korean firm.
The authorities have previously signalled that as many as eight new casinos will be built in the territory, the largest of which was due to be overseen by NagaCorp. However, on 2 March, the company suspended its $350m development “indefinitely until the circumstance is clearer.”
Plgen Holdings’ project is a new development and is anticipated to launch in 2025.
Igor Trofimov, Executive Director, Primorsky Territory Development Corporation, commented: “Plgen Holdings became the first resident of the Primorsky gambling zone from the Republic of Korea. Previously, we entered into agreements with Korean companies only for the implementation of golf resort projects.
“We are pleased to welcome new foreign investors and are confident this is a good continuation of the fruitful cooperation between the Republic of Korea and the Primorsky Territory in the development of tourism and international relations.”
According to the memorandum, initially signed by the two parties in November 2021, the project is to be split into two phases. The first will include the casino and a 100-room hotel, to launch in 2025. The second phase intends to add an additional site, including further hotel facilities and a theme park.
Shin Il Suk, CEO, Plgen Holdings, said: “Our goal is to create the best casino resort in Asia, in Primorsky. The region has all the geopolitical and geographical prerequisites for the development of tourism.
“Separately, we express our gratitude to the government of Primorsky Krai for its continued trust in us as partners and support throughout the months of fruitful work before signing this agreement.”
In total, the value of all gambling projects undertaken in the Primorsky region amounts to 86bn rubles, with investors from Russia, Hong Kong, Cambodia and now South Korea.
