Mar 23, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  
Casino operator NagaCorp Ltd said in its 2019 annual report that its scheme in the Russian Far East was likely to open in the second half of 2021.
“We anticipate that our Vladivostok project will open in summer 2021,” said Tim McNally, chairman of the Hong Kong-listed firm, in his foreword to the report. He was referring to the scheme in the Primorye Integrated Entertainment Zone in Primorsky Krai, near the Russian Pacific port of Vladivostok
NagaCorp’s main business is a casino monopoly for the Cambodian capital Phnom Penh.
In November last year, Mr McNally told GGRAsia the estimated timing for “completion” of the Russia scheme was “towards the end of 2020”.
The chairman observed in his latest remarks in the 2019 report filed in Hong Kong on Friday: “Based on the current state of development, our gaming and resort development project in Vladivostok, Russia remains broadly on schedule.”
“Certain key personnel have been appointed to monitor various aspects of the progress of the project,” Mr McNally added. “The group believes that its strategy to diversify its business geographically and expand into new casino markets will drive revenue growth in the long term.”
The firm’s development agreement with the authorities in Primorksy Krai – a Russian federal territory of which Vladivostok is the capital – was signed in 2013, where it committed to spend at least US$350 million, according to previous commentary to GGRAsia from the firm. The group is currently also committed to spending approximately US$3.5 billion on Naga 3 – an extension to its NagaWorld flagship complex – in its core monopoly market in Phnom Penh.
In February NagaCorp said it remained “confident that even if its financial performance may be impacted” by the current global coronavirus crisis “in the next six months of operations and beyond, the long-term prospects of the company remain good”.
Jun 05, 2023
May 25, 2023
Jun 09, 2023
Jun 09, 2023
Jun 09, 2023
None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...Jun 09, 2023
Commercial opportunities for utilisation of...Jun 08, 2023
Gaming content and equipment maker Konami says it is...Jun 07, 2023
Casino gaming content and hardware provider Light &...Jun 06, 2023
Electronic table games (ETGs) supplier Interblock dd is...Jun 05, 2023
Random number generator (RNG) testing tools are among the...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”
Marco Sala
Executive chair of casino equipment supplier IGT