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”.
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