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Local Name:
Приморская интегрированная развлекательная зона
Budget:
1.2B
Announced:
Construction Start:
Opening:
2023
Area:
619 ha
Consultants:
Designers:
Contractors:
Ride Suppliers:
Other Suppliers:
  1. ResortsAhoy is offline resortX Top Investigator
    Join Date
    Jul 2019
    Posts
    547
    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

  2. Daliya is offline Senior Park Investigator
    Join Date
    Apr 2022
    Posts
    9
    LLC "Asia-Invest Group" (Vladivostok) received a sublease of a land plot with a total area of 2.7 hectares on the territory of the integrated entertainment resort (IRK) "Primorye" for the creation of a hotel and entertainment complex.

    Construction of the facilities will begin in 2022. Investments in the project will amount to 1.7 billion rubles

    Alexander Kim, director of Asia-Invest Group LLC:
    In July 2022, as soon as the project documentation is prepared and a building permit is received, we plan to start construction and installation work and complete it within a year and a half. Next year we will start building another 5-storey hotel for 60 rooms, which we will put into operation in the second quarter of 2025. We expect that the hotel and entertainment complex that our company will build will be able to receive 25% of the total number of guests of the entire resort.
    The total volume of investments under the concluded agreements in the gambling zone "Primorye" is 75.3 billion rubles, 7 hotel complexes with a casino are at the implementation stage. Construction and design work is carried out by private investors from Hong Kong, Cambodia, Russia, the Republic of Korea and Japan.

    Link: https://www.interfax-russia.ru/far-east/news/kompaniya-iz-vladivostoka-poluchila-uchastok-pod-proekt-v-igornoy-zone-primore-planiruet-vlozhit-1-7-mlrd-rub

  3. Natalia Gl is offline Curious Chap
    Join Date
    Apr 2022
    Posts
    2
    Asian casino operator Summit Ascent Holdings Limited has announced that the planned $200 million expansion of its Tigre De Cristal development is being postponed to ‘no earlier than 2025’ due to a raft of ‘economic uncertainties’.
    According to a report from GGRAsia, the Hong Kong-listed firm declared that these insecurities regarding the 121-room property in the Primorye Integrated Entertainment Resort zone include ‘the continual negative impact of the coronavirus pandemic, particularly restrictions on international travel’ as well as the ‘aggressively escalating economic sanctions’ against Russia.
    Summit Ascent Holdings Limited reportedly moreover asserted that its Tigre De Cristal venue is continuing to operate despite the ever-tightening sanctions.
    Source: https://news.worldcasinodirectory.com/summit-ascent-holdings-limited-delays-planned-tigre-de-cristal-expansion-100549

    The government of Primorsky Krai has passed legislation to extend a range of tax relief measure for local casino operators by a further six months. It has now prolonged this mitigation as the region struggles to attract investment and visitors.

    Source: https://news.worldcasinodirectory.com/primorsky-krai-extends-casino-tax-relief-measures-as-sanctions-begin-to-bite-101281

  4. MarkEm is offline resortX Top Investigator
    Join Date
    Nov 2020
    Posts
    311
    Primorsky Krai Development Corporation has revealed that it has signed an agreement with a South Korean group called Plgen Holdings for the development of a casino resort complex.

    This sees the company become the first from the Republic of Korea to enter the Primorye gambling zone, which could eventually house up to 12 casino hotels; shopping, exhibition and entertainment centres; water park; yacht club; ski slope; beaches and recreational areas; restaurants; cafes; and other entertainment facilities.
    It is said that the initial investment will amount to RUB 2.5bn ($23.94m), with the first phase of a “master plan” to include and casino and hotel with more than 100 rooms that will open by the close of 2025. It is estimated that gambling activities will add RUB 100m per annum to the Primorye budget.
    “After the launch of the casino and the hotel as part of the first stage, we plan to continue investing,” stated Shin Il Suk, CEO of Plgen Holdings. “There is already a preliminary plan for the implementation of an integrated casino resort with a hotel and a theme park on the second site.”
    Source: https://casinobeats.com/2022/03/22/south-korean-group-to-develop-primorye-casino/

  5. That's a good excuse. The Naga casino in Vladivostok has been sitting abandoned for 2-3 years already!

  6. MarkEm is offline resortX Top Investigator
    Join Date
    Nov 2020
    Posts
    311


    Casino developer and operator NagaCorp Ltd says the company will “suspend the development” of its gaming resort in Vladivostok, in the Russian Far East. Construction works are to be suspended “indefinitely until the circumstance is clearer,” stated the company in a Thursday filing.
    In February this year, NagaCorp said construction of the project in Russia was progressing.
    “The construction of hotel tower block structure was completed. The contractor is constructing the roof slab of the casino podium, while the construction of the ballroom has reached level 1,” noted the company in its annual report, published last month. It also said it expected to proceed this year with construction of the fac?ade, as well as mechanical, electrical, plumbing and architectural works.
    Source: https://www.ggrasia.com/nagacorp-suspends-development-of-russia-casino/

  7. valerie is offline Curious Chap
    Join Date
    Feb 2022
    Posts
    3
    Construction of a new 6000 room hotel and resort complex amounting to 1,7 billion rubles will begin in 2022. Project includes gambling zones. Agreement for the construction was finalized during the Eastern economic forum in Vladivostok in autumn of last year. This complex will allow to create 190 new job openings.
    It is presumed that during 10 years of operation of the complex, governmental and municipal tax revenue will reach around 150 million rubles.
    The design of the hotel and entertainment complex is currently being finalized. Alexander Kim, general director of “Asia-Invest Group” Ltd., informed that in July 2022, as soon as construction permission will be issued and all final project documentation will be prepared, construction and installation works will be started. It is planned to finish construction in 1,5 years. For the next year it is planned to start the construction of another 5-storey hotel with 60 rooms that will be commissioned in the second quarter of 2025. It is expected that this hotel and resort complex will be able to service 25% of the total number of guests of the entire entertainment cluster.
    According to the Russian Far East and Arctic Development Corporation total amount of investments in accordance with concluded agreements for the gambling entertainment area "Primorye" has reached 75.3 billion rubles. 7 hotel complexes with casinos are at the start-up phase. Private investors from Hong Kong, Cambodia, Russia, the Republic of Korea and Japan are carrying out construction and design works.
    Sources:
    https://www.dv.kp.ru/online/news/4629470/
    https://tourism.interfax.ru/ru/news/articles/85253/
    https://prim.news/2022/02/15/v-igornoj-zone-primorya-nachnyotsya-eshhyo-odna-bolshaya-str


  8. Elaboration of a new master plan in the Primorye gambling zone

    It is planned to create an up-to-date development concept until July 2022 which will take into account the vision and plans of investors and their projects, as well as form a strong brand to place the territory at the global level. The main task is to formulate a unified comprehensive strategy for the development of the gambling zone, relying on the successful experience of the world's leading integrated resorts, such as Las Vegas and Macau.

    The meeting was held in December 16,2021 with the participation of representatives of investors in the Primorye gambling zone, Summit Ascent Holdings Ltd., Shambala NJSC, Primorsky Entertainment Resorts City LLC (Naga Corp Ltd.), Primorye Gaming Group LLC ”(LLC“ Mantera-Group ”) and a new large Russian investor.


  9. That Naga tower is sitting idle for almost three years. No movement on the site whatsoever.

    Quote Originally Posted by Guest View Post
    Google Maps was updated in June. You can see the shadow of the first tower of Naga and the plots for the upcoming hotels being levelled.




  10. ResortsAhoy is offline resortX Top Investigator
    Join Date
    Jul 2019
    Posts
    547
    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/

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