Siberian casino developer to sanction delays
from web site
Hein Yongli LLC won an auction for its fifth integrated casino resort to be built in the Primorsky Entertainment Zone near Vladivostok, Russia, but the company failed to meet construction expectations and forfeited 100 million roubles (US$1.8 million) to Primorsky Development Corporation JSC.
According to a report on the Russian betting business, Hein Yongli beat the mining company of Zhongki LLC with a Rube of 1.5b, but lost nearly $2 million due to "not entering the construction zone."
The company registered in Vladivostok in November 2015, beating other finalists. Hein Yongli's general manager was known as Leonid Gordeychuk. The company pledged to spend at least US$500 million to develop an integrated resort with casinos, four-star hotels and 10 villas for VIPs.
The sanctioned funds will now go towards building infrastructure in gambling houses, but it has not yet been mentioned whether Hain Yong-ri will completely pull out of the business, or if there is any potential delay in some form.
Last month, Deputy Governor Evgeny Polianski warned Primorsky's licensees to meet deadlines or face termination of contracts, along with fines for delays.
Primorsky Development Corporation filed a lawsuit earlier this month to terminate its contract with a Royal Time Group subsidiary, according to CalvinAyre.com , as it did not begin construction of the Phoenix Resort Casino Primorsky at the port of Murabinaya near Cape Cherepaha. The Royal Time subsidiary previously said it plans to open 500 machines, 30 table casinos and 320 major hotels before the end of the year. All developments in this area are mandatory to be completed. A court filing from the development works could mean that the Azov-City operator would not end up offering 150 table games and 3,000 slots, along with entertainment areas, restaurants, hotels, clubs, retail elements, 1,500-seat theaters, convention centers and indoor water parks.
Of the eight potential integrated resorts planned for the region, only three (five). Tigred Crystal of Lawrence Ho, a Macau game giant, opened the first phase of its development . Last month, Daiwa Securities Group concluded that the growth rate of pioneering market pioneers matched that of pioneers in the Macau market earlier. Analysts expected the resort's total gaming revenue to reach $1.3 billion by 2020. In 2016, about 200,000 people visited casinos.
Nagakov Inc. announced last month that it will "run through " for a $350 million beach entertainment resort project. The company established an integrated resort . Nagakov owns and operates Nagaworld, Cambodia's largest hotel, game and leisure facility.
