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Land-BasedFinancialIndustry

Primorye land auction faces further delays

The

auctiondelayed (1)
auction for casino land plots in Russia’s Eastern gaming zone, Primorye, has been delayed again until the 29 September. The company in charge of the auction, Development Corporation of the Primorsky Territory (DCPT), claimed that the delay came at the request of potential investors.

The DCPT initially scheduled the auction for the 28 August with the company retaining the right to further postpone the date granted they give at least three days notice.

The delay comes as a supposed response so that potential investors from South Korea, China, Russia and European countries have the appropriate time to get their papers in order.

However, the region has a history of delays and postponed ventures. In November 2015 China-based firm Hein Longli agreed to begin a development and have since been fined for their inability to begin construction. Royal Time also had their 2016 Phoenix integrated resort constantly scuppered by delays. They too were punished as they were deemed unable to reach their obligations by a local court which took away their rights to the property.

The three plots of land will require a minimum investment of $120m for the smallest plot (17.2 hectares) and $300m for the largest (19.7 hectares).

The delay causes some confusion to investors who have already been put off by the lack of infrastructure and difficulties faced by other operator’s potential developments in Primorye.

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