RUSSIA

US$70 million casino to be built in Russia by 2020

Russia-based Diamond Fortune Holdings Prim LLC plans to open its first casino resort in the Primorye Integrated Entertainment Zone (IEZ) in September 2020. According to CEO of Diamond Fortune, the design of the project is being finalized and construction will begin soon.

The company plans for an aggregate investment of about US$220 million for the first phase of its project, named Selena, which the executive said was a working title for the property.

“Phase one will be divided into A and B phases, with the casino being built first at a cost of US$70 million. We expect to be opening the casino phase, at the latest, in September 2020,” Thomas Gibbons, chief executive of Diamond Fortune, said in an interview with GGRAsia.

The initial casino venue will be supported by 25 hotel rooms. Construction of the hotel at a cost of US$150 million will start after the opening of the casino.  Phases two and three of the casino resort will be depend on market conditions.

The resort will have the capacity of 1,300 rooms, and will also offer shops, nightclubs, food court and a spa.

Privately-held Diamond Fortune was established in 2010 by a group of Russian investors. The company had originally been granted a total of 77 hectares (190 acres) covering several plots of land, which at the time made it the casino investor with the largest land bank in the Primorye IEZ. The firm however sold some of the land and kept four plots, planning to develop two casino schemes, dubbed for now Selena and Moon Gate.

Construction of the Moon Gate property, with a minimum investment of US$151.5 million, will begin at a later stage.

 

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