TER 20 DE NOVEMBRO DE 2018 - 10:29hs.
To be named Shambala

Russian government supports development of new US$ 130m casino project

The successful development of the Primorye Integrated Entertainment Resort zone in the Russian Far East is of “great importance” to the local authorities. Local government-owned company Primorsky Krai Development confirmed an agreement for an additional casino project in the zone.

Deputy governor of the Primorsky Territory, Andrei Larin, commented about the importance of the Primorye Integrated Entertainment Resort zone in a press release sent to media outlet GGRAsia by Primorsky Krai Development Corp, confirming an agreement for the development of an additional casino project in the zone.

The local government-owned company is overseeing the zone, which is 50 kilometres from Russia’s Pacific port of Vladivostok. The new casino Project, called Shambala, is promoted by Shambala CJSC, a Russian firm reportedly involved in gambling operations in other parts of the country where gaming is legal.

Shambala would feature “a large-scale project of a hotel and entertainment complex” involving a minimum investment of US$128.5 million. It is to include “at least 270 hotel rooms”, and no fewer than 500 slot machines and 50 gaming tables.

Shambala CJSC was the only firm to join an auction for two land plots in Primorye, according to the press release. The deadline for applications was May 28. Works are scheduled to start in September.

The Primorye Integrated Entertainment Resort zone “is of a great importance for the social and economic development of the region,” vice-governor Larin said. He added the the local government was focused on “providing the most comfortable conditions for cooperation and any kind of support to our partners implementing tourism projects in the Primorsky territory.”

The announcement also quoted Andrey Tarasenko, governor of Primorsky, stating that, “to date, the amount of investment agreements concluded with investors [in Primorye] has almost reached US$1.1 billion,” of which “more than US$160 million was realised already.”

Source: GMB / GGR Asia