Cambodian casino operator NagaCorp Ltd has begun pile cap work for its casino resort in the Primorye Integrated Entertainment Zone near Vladivostok in the Russian Far East. That is according to a Friday press release by the Primorsky Krai Development Corp.
Primorsky Krai Development is a company owned by the local government, and that is overseeing the Primorye Integrated Entertainment Zone, a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok.
“The work will take about three months; in parallel the investor will begin erecting a skeleton for the hotel building,” the release stated.
The document said the first phase of the project will include a 279-room hotel, casino and a conference hall. It added that the second phase of the casino resort was to be completed by 2022.
NagCorp chairman Tim McNally said last month that the group’s Primorye casino resort remained “broadly on schedule” for operation by 2019.
The only company that has so far built a casino in Primorye is Hong Kong-listed Summit Ascent Holdings Ltd. It opened phase one of its Tigre de Cristal resort in autumn 2015.
That firm is currently working on plans for a phase two of Tigre de Cristal. Primorsky Krai Development said in its Friday release the phase two plan was scheduled for presentation to the local authorities “in July-August 2018”.
A third investor, Diamond Fortune Holdings Prim LLC, reportedly began last year ground preparation for its first casino resort in Primorye. The firm – backed by Russian investors – plans to open the first stage of the project, named Selena World Resort and Casino, in 2019, according to the latest release by Primorsky Krai Development.
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"If you ask who is controlling [Okada Holdings, the controlling shareholder of conglomerate Universal Entertainment] now, I would say my control was fraudulently taken away from me and I am now doing everything in my power to take it back"
Japanese gaming entrepreneur