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A NEW INVESTOR TO INVEST ABOUT 20 BILLION RUBLES IN THE CONSTRUCTION OF THE GAMBLING ZONE “PRIMORYE”

The South Korean company K International Inc. intends to build a new gambling and entertainment complex on the territory of the integrated resort “Primorye”. The amount of investment in the project will be approximately $ 300 million. A corresponding agreement confirming the company's intention to enter the gambling zone project was signed by the Primorskiy Territory Development Corporation and K International Inc. in the presence of the region's Vice-Governor Andrei Larin.

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The deputy head of the region thanked the foreign partners for their interest and readiness for cooperation, and noted that the integrated entertainment resort Primorye is one of the priority projects implemented in the territory of the region.

“I am sure that the appearance of a new entertainment complex will bring success not only to your company, but also to the Primorskiy Territory. For our part, we will provide you with all the necessary assistance throughout the project, and we will also try to remove all kinds of administrative and other obstacles that will in any way impede the work process,” - Andrei Larin said.

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The vice-governor stressed that the task of developing the entertainment resort Primorye is strategically important and is in the center of attention of the head of the region Andrei Tarasenko and the deputy prime minister-Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District Yuriy Trutnev.

According to Vice President of K International Inc. Lee Dong Taek, the decision to invest in the project was the result of a serious work carried out by the company together with the Primorskiy Territory Development Corporation and the regional administration.

“We see that the authorities are most interested in the development of the project, for several months we have been given great support on all important issues. We studied the project in detail, understood the prospect of tourist demand and came to a decision to invest at least $ 300 million in the construction of an entertainment complex in Primorye,” - the representative of the Korean investor said.

He added that the Primorskiy Territory is very well located between the largest centers of economic growth in Asia, has numerous ways of transport communication, which makes it a unique and very convenient place for conducting investment activities.

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“Private investment in the Primorskiy Territory can be assessed as a serious contribution to the development of our business at the international level, at least in the Asia-Pacific region, so our choice is well-founded. We are very interested in the ERZ “Primorye” project, we consider it to be economically viable and promising,” - Lee Dong Taek stressed.

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It should be noted that the project the company plans to implement is not just a casino, but a resort area with a shopping center, a Duty-free zone, and entertainment facilities, including a virtual reality zone, a park area, a stage for large-scale concerts, including K-pop performances, and other facilities for family and youth recreation. Also, according to a representative of the South Korean investor, franchises of famous restaurants will be involved in the project.

“For us it is important that the whole family could come to rest at the integrated resort “Primorye” and our facility in particular. After signing the memorandum, K International Inc. will work to form a holding with the participation of the largest South Korean companies. The contract has already been signed with several companies,” - the vice president of K International Inc. said.

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As reported in the Primorskiy Territory Development Corporation, now on the territory of the Primorskiy Territory there are two free investment areas ready for the implementation of new projects.

“At the moment, five companies are the residents of the resort. The total investment under the agreements is almost 70 billion rubles, of which 16 have already been invested by investors in the development of an entertainment resort,” - the specialists said.

We remind that in the territory of ERZ “Primorye” there is already a hotel complex with a casino Tigre de Cristal, which has created about a thousand jobs. Monthly, the facility is visited by up to 33 thousand people. Since the opening, the complex brought over 650 million rubles of tax deductions to the state budget.

It is planned that when all residents commission their facilities, the amount of deductions from the tax on gambling will amount to 3.4 billion rubles annually, while the consolidated tax to the budget will be about 7.8 billion rubles a year.