Primorsky Krai is one of the rapidly developing regions in the Asia-Pacific region and Russia is willing to explore the opportunities foreign investors could offer. The latest news came after a Korean casino developer and operator K-International Inc. recently made known its desire to work on a new entertainment resort in the area which could elevate the overall performance of the region.
For the time being, it is known that the company has entered a discussion with Primorsky Krai Development Corporation which would strive to introduce a brand new integrated resort to the region which would amount to some RUB18 billion (US$263.6 million). K-International has expressed its willingness to bring its plans to fruition and become the next developer in the special zone which allows gambling and a wide array of entertainment.
It is located in the Far East region of Russia which has been one of the locations witnessing an increased interest from casino developers and operators in the past several years. Due to its location which is in the proximity of larger gaming hubs to the likings of Seoul, Jeju, China, and the future gaming hub of Japan it is considered one of the attractive locations for developers from near and far.
According to the plans announced by the Korean developer, the new integrated resorts would feature a hotel tower capable of providing accommodation for all tourists willing to make their way to the resort, as well as a premium casino venue featuring the latest gambling offerings up for grabs. There would also be a shopping center featuring a wide range of international brands luring potential customers with their shiny windows. A Duty-Free area would bring the entire experience full circle, considerably diversifying the region.
Future Development in Special Zone Considered by Many
It has been announced, that the Korean company has been participating in discussions regarding the future project ever since the beginning of this year. Throughout this period of time, more details have been negotiated in a way that would make the final project beneficial for all parties involved. The project would rise on a land lot of 20 hectares which would be able to accommodate all features the resort strives to have on offer.
When it comes to the landscape provided by the region, it is fairly flat which provides casino developers with the freedom to explore it as they deem suitable. The estimated launch of the new integrated resort is 2022, provided that construction work commences next year. A set time frame for the project confirmed by Lee Dong Tek, Vice President of K-International was also announced. According to it, the corporation is willing to have the design phase of the integrated resort finished, providing local authorities with enough time to thoroughly review it.
Once the project has received the approval of Regional Vice Governor Andrei Larin and his team inspecting the proposed resort, the next step for the Korean developer would be to bid in the auction granting it with the right to sublease the land lot chosen. At the moment there are several integrated resorts in which are still under construction and are set to launch in the upcoming years. Tigre De Cristal is the only one currently in operation with a completed Phase 1, meaning that a Phase 2 of its development is soon to commence.
What makes the region attractive for foreign investors is the fact that it is still underdeveloped and there is plenty of opportunities for market exploration. Tourists from neighboring Asian countries seeking alternatives to larger gambling hubs such as Macau are also eyed as potential dominance in the player pool and guest database of any given resort. More details regarding the new project are set to be revealed as November approaches.