Supplier News
Russia – Kangwon Land to invest in Tigre de Cristal
By Phil - 17 August 2016
Summit Ascent Holdings, the Lawrence Ho funded operator behind, Tigre de Cristal in Russia’s Far East, has formed a strategic partnership with Kangwon Land, the largest gaming operator by revenue in the Republic of Korea.
Kangwon Land will invest in Phase 2 of Tigre de Cristal as well as other future projects.
The two casinos will look to exchange staff and training programs, develop a mutual marketing program with travel agency cooperation and develop a cruise line routing between Kangwon Land Casino and Tigre de Cristal as well as charter flights between the two.
Phase 1 of Tigre de Cristal held its grand opening in the Primorsky Krai Integrated Entertainment Zone on November 11, 2015 , opening with 35 VIP gaming tables, 33 mass market gaming tables, and 321 slot machines.
Phase 2 will be much grander in scale and is expected to have 100 VIP gaming tables, 70 mass market gaming tables, 500 slot machines, a shopping mall, F&B outlets, a spa center, night club, auditorium and conference facilities and 500 total hotel rooms.
The deal with Kangwon Land could even see the Korean operator managing and operating Summit’s Phase 2 hotels with potential for a Korean contractor and Korean project finance. The Phase is expected to cost US$500m. Kangwon Land could also operate a golf course, clubhouse, and sporting club development; and develop the duty free shopping in Phase 2.
