GGRAsia – Primorye extends deadline for casino plots auction

Primorye extends deadline for casino plots auction

Aug 28, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

The Primorsky Krai Development Corp has extended the deadline for applications for three independent auctions for land earmarked for casino development. The deadline for applications was Monday (August 28), with the winners to be announced the following day, according to previous official information.

The company said in a Monday press release that it has decided to extend the deadline for submission of bids until September 28, to provide potential bidders with more time to prepare their proposals

The plots are in the Primorye Integrated Entertainment Zone (IEZ), a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok. Primorsky Krai Development is a government-owned company overseeing the development of the Primorye IEZ.

“The need to postpone the auction is based on requests from investment companies that showed interest in implementing their projects” in the Primorye IEZ, said the company in Monday’s release.

Since the announcement of the auctions in July, Primorsky Krai Development said it has received a “number of applications” from companies based in Russia, China, South Korea and several European countries.

“We held on-site activities to demonstrate the potential of the … lands,” said the company. Aside from providing potential bidders with more time to prepare their proposals, the firm said it would also use the additional time “to attract new investors”.

Andrey Folomeev, general director of Primorsky Krai Development, told GGRAsia in a recent interview that two more plots earmarked for casino development could be available soon for auction.

Mr Folomeev said that, according to a report prepared by consultancy Ernst & Young for Primorsky Krai Development, the Primorye casino development area is expected to generate annual gross gaming revenue of US$2.2 billion by 2025.