Operator News
Russia – NagaCorp suspends development of its Vladivostok casino project
By Phil - 4 March 2022
Cambodia-based casino group NagaCorp has announced the ‘indefinite suspension’ of its huge casino project in the Entertainment Zone of the Primorye Region near the port of Vladivostok in Russia’s Far East.
The resort was being built in three phases, with the first phase which saw an investment of up to US$200m breaking ground five years ago. It was being designed by Las Vegas casino architects, Steelman Partners and would have housed 100 gaming tables, 500 slots, a 2,000 capacity theatre and a spa.
A spokesperson for NagaCorp said: ” The board of directors of the Company announces that, in the interest of the
company and its shareholders as a whole, the company is surrounded by various uncertainties in respect of the Group’s gaming and resort project in Vladivostok, Russia, the company would like to invoke the force majeure clause set out in the investment agreement and suspend its performance thereunder. Hence, the Company would like to suspend the development of the Project indefinitely until the circumstance is clearer. The Company will issue further announcement when appropriate and necessary.”
Diamond Fortune Holdings has already opened its Imperial resort, joining the two existing casinos in the Vladivostok casino zone; Tigre de Cristal and Shambhala.
