A major Russian investor will build a star hotel with a casino and entertainment infrastructure in the Primorye gambling zone. A corresponding sublease agreement for three sites was signed with the Primorsky Territory Development Corporation this summer.
“The new resident chose for himself one of the most well-located sites - on a hill, practically at the entrance to the gambling zone. In total, about 14 hectares are intended for construction. The company plans to create high-class entertainment facilities, using the rich experience of implementing such projects throughout Russia. Soon the investor will tell in more detail about his plans. The volume of investments in the new entertainment complex will amount to at least 10.5 billion rubles, ”said Olga Sun-zhayu, General Director of KRPK JSC.
It is known that under the terms of the signed investment agreement, developed by the developer to maintain the profitability of the project, the hotel room stock on the selected sites will be at least 300. The hotel category must be at least 4 *. Also, at least 500 units of gambling equipment must be installed: the tax on gambling activities that goes to the budget of the Primorsky Territory directly depends on the number of tables and machines.
As the director of the regional Investment Agency Igor Trofimov noted, the gambling zone project is one of the successful examples of the actual participation of foreign and Russian companies in the development of the Primorsky Territory.
“The total volume of investments in the gambling zone over the past 8 years has amounted to almost 21 billion rubles, more than half of which are investments of private foreign companies. It is important that the existing residents are already full participants in the regional tourism market, therefore, in the future, they are interested in developing not only gambling establishments, but also the tourism and entertainment sector as a whole. This gives a significant impetus to the development of one of the priority spheres for the economy of the Primorsky Territory - tourism, ”said Igor Trofimov. The head of the Primorsky Territory Investment Agency noted that the work on attracting a Russian investor to the project took more than one and a half years.
The Primorye gambling zone is part of the tourist cluster in Muravyinaya Bay. In total, within the framework of the first stage of the project on the territory of 263 hectares, it is planned to create 12 hotel complexes with a casino (3 *, 4 *, 5 *), as well as entertainment facilities for family and youth recreation, in particular, a yacht club, a ski slope, a water park, a concert hall, night club, shopping and entertainment centers, beach area, walking and park area.
At the moment, the Hong Kong company Summit Ascent Holdings Ltd., a company from the Kingdom of Cambodia Naga Corporation Ltd., a Russian investor Shambala CJSC, as well as Russian companies Diamond Fortune LLC and Primorye Gaming Group LLC are operating in the gambling zone. Four more plots, with an area of 57 hectares, are free for new investors.