Asia Invest Group to start on Russia casino in Sept: govt

Jul 06, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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An entity called Asia Invest Group LLC is expected to start in September construction of a casino resort in the Primorye gambling zone, in the Russian Far East. That is according to information on the official website of the government-controlled Development Corporation of Primorsky Region JSC, overseeing the Primorye gambling zone.

The development corporation said that Asia Invest Group had recently received the construction permit for the first stage of its planned casino-hotel complex (pictured in an artist’s rendering).

It added that the firm was now in the preparation phase, with the intention of starting construction in September. The first stage of the complex is to be ready by late August 2025.

Total investment on the project is to be RUB2.5 billion (US$26.8 million), according to the Development Corporation of Primorsky Region. Once ready, the eight-storey complex should create up to 450 jobs.

The scheme is to feature approximately 80 hotel rooms. The casino floor will have capacity for 30 gaming tables and 200 slot machines, according to Asia Invest Group’s website.

The firm’s property will be the third casino in the Primorye gambling zone, which is located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok. The first venue to open at Primorye was Tigre de Cristal, in 2015. It is majority owned by Summit Ascent Holdings Ltd, a Hong Kong-listed firm controlled by LET Group Holdings Ltd. The Shambala casino resort, run by an entity called Shambala CJSC, was the second casino to launch in Primorye, in 2020.

Hong Kong-listed NagaCorp Ltd said in March last year it would “suspend the development” of its gaming resort at Primorye, citing “uncertainties” around the project. At that time, the firm did not mention either the Ukraine crisis or international sanctions on Russia, although that those things were alluded to by investment analysts.

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