Russia – Japanese investor plans Russian casinoBy Phil - 5 June 2015
Iida Group Holdings, a Japanese property developer, wants to invest between $380m and $450m in developing a casino resort on an island in Russia’s Far East.
The company wants to develop on Russky Island near the far eastern city of Vladivostok, with plans to recoup its investment within seven years. The project would include a golf course for summer vacationers and mountain skiing area for the winter season.
The island is a former military base. It has bridge connecting it to the mainland built for the Asia-Pacific Economic Cooperation (APEC) summit in 2012.
Sergei Kachayev, a deputy minister for the development of the Far East, confirmed that negotiations were underway with Iida Group Holdings. In May Iida Group Holdings confirmed it was opening an office in Russia.
A representative of the governor said: ‘This will load us with tourists in the future resort on Russky Island and the Primorye entertainment zone.’
Summit Ascent Holdings, a company including Melco’s Lawrence Ho, has confirmed it will open Tigre de Cristal in the region by the end of August. That project will house 15 baccarat tables, 800 slot machines, 25 other table games, 25 VIP gaming tables and 119 hotel rooms.
Cambodia’s Nagacorp is also planning to invest $350m in the region.