Operator News
Russia – Melco commits to Primorye gaming zone
By Phil - 12 July 2013
Melco International Development has now confirmed its commitment to the Russian gaming zone to take shape in the far eastern Primorye Region close to Russia’s border with China.
It is forming part of a holding company called Summit Ascent Holdings which will work with a Russian partner to develop two casinos.
Melco owner Lawrence Ho, son of Macau casino mogul Stanley Ho, has confirmed he will be investing in two Russian resort casinos to the tune of US$630m. Mr. Ho will own a combined 51 per cent stake in a holding firm that will develop the two casinos.
The two companies will operate under a partnership called Oriental Regent with Melco International confirming it has committed to invest US$ 980,392 for five per cent of Oriental Regent while Summit Ascent will invest $9.02m for 46 per cent.
Mr. Ho was announced as Chairman of Summit Ascent.
The Russian partner for the project will be Elegant City Group, a company controlled by businessman Oleg Drozdov. Oriental has committed to building a 119-room hotel and a casino with 800 slots, 25 VIP tables and 40 mass-market tables a resort. It is due to debut in September next year.
The second casino will require an investment of $500m and will include a four-star hotel with 300 rooms, a five-star hotel with 200 rooms, a casino with 500 slots machines, 100 VIP tables and 70 mass-market tables.
The casinos are to be developed in a tourism zone that will boast retail an amusement park and a golf course.
