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The US$70m Aquaparadise waterpark development has been indefinitely suspended following Vladimir Putin’s invasion of Ukraine

Most recently, NagaCorp, owner and operator of Cambodia’s NagaWorld in Phnom Penh, has announced the indefinite suspension of a gaming and resort project, which was under development in the Russian port city of Vladivostok and was set to feature a US$70m (€64.5m, £53.4m) waterpark.

Eastern Aqua Paradise and VEB Engineering signed a cooperation agreement for the waterpark in June 2021, with the Aquaparadise development set to feature a year-round indoor waterpark, shopping and entertainment areas, a sports and recreation complex and a four-star hotel. The Novotel-branded development would also have featured a spa and fitness areas, business centres and restaurants.

In an update to shareholders, the group said overnight that it faces “various uncertainties” leading to its decision to invoke the force majeure clause set out in the investment agreement and suspend its performance thereunder.

Source: https://www.planetattractions.com/news/US$70m-waterpark-development-halted-as-companies-continue-to-pull-out-of-Russian-projects/1079

It would seem the Alvin Chau arrests are also now affecting the Russian casino market.

Summit Ascent loses second-non executive director in two weeks

Summit Ascent Holdings said that Dr. U Chio Ieong has resigned effective immediately, becoming the second non-executive director to depart in two weeks. The Hong Kong-listed company said his departure was to “devote more time to his other business engagements." Last week, Philip Wong Pak Ling announced he was standing down for the same reasons. Summit Ascent is a unit of Suncity and operates the Tigre de Cristal resort in Russia’s Primorye gaming zone.

Summit Ascent has strongly denied that Tigre de Cristal has played any part in seeking to lure in Mainland Chinese gamblers.

Source: https://agbrief.com/news/russia/06/12/2021/summit-ascent-loses-second-non-executive-director-in-two-weeks/

Officials in the Primorye gambling zone have been on a public relations blitz in recent months, highlighting how projects are now pushing ahead and stressing there is no change in the long-term plans for 12 casino complexes.

The Deputy Prime Minister of Primorsky Territory, Konstantin Shestakov, said that the development of the casino entertainment district in his part of the Russian Far East made major progress in 2020 and is on a very positive trajectory. Russian media has shown video images of infrastructure construction powering ahead, despite the frigid temperatures in Russia’s Far East over the winter months.

A project by NagaCorp, which broke ground in 2016, ground to a halt in 2020 due to difficulties in bringing in Chinese contractors during the crisis. However, that has now restarted and the Cambodian-based company said it expects to complete the premises in 2022.

In terms of future expansion, both Summit Ascent and Shambhala are in second-stage planning. Tigre de Cristal’s next stage will involve investment of about $200 million and will double the group’s VIP and mass gaming tables when it begins to come online from 2022. It will also have twice the number of rooms and will add four restaurants and bars, more retail offerings, and an indoor beach club and spa.

Zone authorities are seeking to attract non-gaming investors to fill out the remaining leisure offering. They foresee the zone incorporating a ski hill, as well as entertainment parks, golf courses and other family friendly leisure attractions.

Source: https://agbrief.com/headline/primorye-projects-saw-major-2020-progress-officials-say/

COVID progress for Tigre de Cristal and an update on the expansion.

Suncity Group Holdings and its majority-owned subsidiary Summit Ascent Holdings have revealed that staff at their Russian integrated resort, Tigre de Cristal, have started receiving COVID-19 vaccinations.

According to a Tuesday announcement, deployment of the Russian-developed Sputnik V vaccine for mass use in Vladivostok, where Tigre de Cristal is located, is aimed at ensuring staff and guests are safeguarded against the spread of COVID-19 while expediting a return to normalcy. Suncity, which holds a 69.7% stake in Summit Ascent which in turn owns 67.5% of Tigre de Cristal operator Oriental Regent Ltd, said it continues to take precautions at its Russian IR including turning off every other slot machine and capping seating capacity at restaurants.

Suncity said it has now completed upgrades to Phase I of Tigre de Cristal, including the addition of a newly decorated Suncity VIP room, a brand-new authentic hot pot restaurant and a gentlemen’s club.

Phase 2 development is also well underway. Due to open in 2022, Phase 2 will double the total size of Tigre de Cristal and triple the number of hotel rooms while adding more restaurants plus a state-of-the-art indoor beach club.

Source: https://www.asgam.com/index.php/2021/02/23/suncity-group-says-tigre-de-cristal-staff-now-receiving-russian-covid-vaccine/

Do you know if there is concept art for the new building?

The Russian subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd will increase its stake in Oriental Regent Limited (ORL) – operator of Tigre de Cristal in the Primorye Gambling Zone near Vladivostok – by 10% to 77.5% as part of a fund-raising exercise for the casino’s Phase II expansion.

Suncity Group had previously stated that both the share acquisition and share subscriptions, “can be interpreted as a strong support from the major shareholder Suncity. This is also an indication that regardless of Tigre de Cristal’s existing shareholders’ financial statuses, Phase II will go ahead from blueprint to brick and mortar as planned.”

Phase II will double the total size of Tigre de Cristal and triple the number of hotel rooms, with Suncity noting there are little restrictions on how many gaming tables and slot machines allowed under its casino license.

Source: https://www.asgam.com/index.php/2020/11/17/summit-ascent-to-increase-tigre-de-cristal-stake-to-77-5/

Investment is being sought from a number of regions outside of Russia according to this article. It looks like some of the initial resort projects failed to find funding until external investors were brought in more recently.

The implementation of the project of the integrated entertainment resort (IRK) "Primorye", despite the difficulties with the pandemic, is proceeding smoothly. Last week, the official opening of the second casino took place, the investor of which was a Russian businessman; next year, an investor from Cambodia is expected to open a casino, according to IA PrimaMedia.

At the moment, there are three vacant land plots left in the Primorye IRC, one of which is being negotiated with potential investors, Deputy Prime Minister of the Primorsky Territory Konstantin Shestakov said in an interview with Interfax-Far East.

The authorities of Primorye count on the participation of investors from Japan in the gambling zone, who have not shown much interest in the project so far.

"They continue to invest in us (the gambling zone - editor's note). And foreign companies are investing in us - this is important. Koreans are investing in golf, investors from China, Cambodia are investing in hotels. Let it be so. I would like it to be on our investors from Japan have appeared on the market. Negotiations are underway on one of the sites, we are in the process, "Shestakov told Interfax.

Source: https://primamedia.ru/news/1012509/

Source: Google Maps

The first of the three sites occupies 7.9 hectares of land. Interested developers will have to establish a $120-million resort with a four-star hotel and a casino. The gaming portion of the complex will have to feature at least 300 slot machines and 50 gaming tables.

The second plot includes 13.78 hectares of land. It goes with a $210-million minimum investment requirement and will have to feature a hotel and a casino with more than 500 slot machines and 100 gaming tables.

The third site covers a 19.7-hectare area and will have to be developed into a hotel and casino complex with a park. The winning bidder for that plot will have to pledge $300-million investment. The resort’s casino floor will have over 500 slot machines and 100 gaming tables.

The Primorye Integrated Entertainment Zone currently hosts one casino resort – Tigre de Cristal. Phase One of the complex was launched in the fall of 2015 and it is believed that the amount of $500 million will be invested in its second phase. The new phase will feature additional hotel rooms, conference facilities, retail space, and food and beverage options.

Source: https://www.casinonewsdaily.com/2017/07/19/russias-primorye-integrated-entertainment-zone-launches-call-bids-three-casino-sites/