Operator News
Russia – Government recoups investment in Primorsky through gaming tax
By Phil - 5 February 2021
Russia’s Primorsky Territory has already recouped the money it invested to help get its gaming zone up and running.
Konstantin Shestakov, Deputy Prime Minister of Primorsky Territory highlighted that the level of gaming taxation paid by the two existing casinos, Tigre de Cristal and Shambala, have already paid back the US$25.5m the local government spent on infrastructure with US$26.5m being collected in gaming tax.
Mr. Shestakov said: “Based on the results of the project development in 2020, the most significant event was the commissioning of the second facility on the territory of the gambling zone – the Shambala complex. Thanks to this, the total number of people employed within the framework of the gambling zone project was almost 1,500, not counting the jobs created in related industries. For the entire period since the beginning of the implementation of the project Primorye, the amount of tax and other deductions will be more than RUB2bn rubles by the end of 2021, of which more than RUB1.6bn goes directly to the budget of Primorye.”
“Now the main task facing the Government of the region and the Krai Development Corporation is to open new land plots for our investors,” he added. “Even in this difficult time,” the deputy prime minister stated, “companies are ready to continue investing in Primorye. The existing tourist facilities are developing, new investors from Korea are beginning the construction of a golf course, and negotiations are underway with potential investors on the construction of hotels with casinos. All of this contributes to the formation of a strong anchor for other tourist and entertainment facilities that will be associated with the Primorsky Territory. The creation of casino resorts is also an advantage in terms of organizing a system of package tours for our guests from the Asia-Pacific region.”
Tigre de Cristal, the area’s first casino, opened in 2015, with the second Shambala Casino, opening in the summer of last year.Two casinos are currently being built by Diamond Fortune and NagaCorp. but the government’s hope is for 11 more to follow.
