Primorye casino development spots to be auctioned
Russia’s Primorsky Krai Development Corp, the company in charge of developing the Primorye Integrated Entertainment Zone has revealed it is set to auction off three plots of land at the casino resort.
The bidding process commenced last Friday, with a deadline of 28 August for bids, with individual tender requirements on all three sites. The first parcel of land covers 7.9 hectares (17.2 acres), with bidders required to invest $120m and develop a four-star casino hotel featuring a minimum of 50 gaming tables and 300 slot machines.
The second site is 13.78 hectares and is divided into two pieces. Bidders are required to spend at least $210m on a hotel and casino development featuring a minimum of 500 slot machines and 100 gaming tables. The third plot for auction is the biggest and covers 19.7 hectares, requiring a $300m investment to develop a hotel casino and park area including 100 gaming tables and 500 slot machines.
A spokesperson for the Primorsky Krai Development Corp told GGRAsia that part of the land had previously been granted to a Russo-Chinese investment group in 2015, but the group lost its rights to the land after it failed to conclude a sub-lease contract agreement in the required time period.
The Primorye Integrated Entertainment Zone (IEZ), is a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok. It is near to both China and Japan and the Russian government is keen to develop a casino hub which would draw gamblers from both countries and provide Russia with a new source of financial revenue.
Earlier this month, the Russian Federal Government took charge of the Primorye Gaming City development from local authorities following widespread criticism over a lack of progress in the region.
At present, only the Tigre de Cristal resort is open for business, with Hong-Kong casino developer NagaCorp recently breaking ground on its own development at the resort which is due to open during the first half of 2019.
Picture: Siberian times
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