Primorsky Krai Development Corporation announced lately the beginning of application process for the rent of land areas in the gambling zone “Primorye”. Open auctions will offer 10 sites with a total area of 60.8 hectares, which were not developed by investors before.
The first lot includes two sites with a total area of 14 hectares. The minimum amount of investments is 8 billion rubles. The purpose of the offered land areas is the construction of a 4-star hotel complex with a casino and parking.
Applications will be accepted within a month – until May 28. An auction is planned for May 29. Participants have to submit their application forms on the website of the corporation.
The gambling resort zone “Primorye” is located near Vladivostok, not far from Chinese border. It hosts the largest Russian casino called Tigre de Cristal, built in 2015. As reported by the authorities of Primorye region, two years of casino operation resulted in almost 1.2 billion rubles of taxes to Russian Budget.
So far, within the framework of the gambling zone development, seven agreements have been signed with a total investment volume of over 65 billion rubles. Two projects are under construction already: hotel with a water park and Naga Vladivostok casino by Naga Corp Ltd. and the hotel complex with the Selena casino by Diamond Fortune Holdings LLC. The construction will be completed by the end of 2019.