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Russia – Tigre de Cristal set for $500m Phase 2

By - 16 November 2016

The owners of Tigre de Cristal, the biggest casino in Russia’s Integrated Entertainment Zone in the Primorye Region near Vladivostok, will invest US$500m in developing the project’s Phase 2.

G1 Entertainment, a majority-owned subsidiary of Summit Ascent Holdings Limited, the company behind the casino, has confirmed that Phase 2 of the project will add 100,000 square meters to the project including a hotel with between 400 and 500 hotel rooms, conference rooms, banqueting facilities, restaurants and bars, a food court, shopping mall and a spa.

Craig Ballantyne, Executive Director of G1 Entertainment, said: “The project includes additional space for parking, in addition, there is a possibility to construct a golf course. The project totalling $500m will contribute to further development of the economy by increasing tourism, subsequently, the development of the region and provide direct employment opportunities for more than 2,000 people. We intend to turn an integrated entertainment resort Primorye into a place for recreation and world-class entertainment.”

The casino has been operating an average of 23 mass gaming tables, up to 14 VIP tables and 319 slots. It reported an increase in the number of visitors which went up from 500 to 1,000 customers per day The increase helped it to post a net profit of US$219,100 for its first six months of the year. Rolling chip turnover increased from $33.2m in Tigre’s first month of operation in November to $257.8m in July increasing to $283.6m for August.

The Primorye economic zone will be home to as many as eight casinos in the future with $2.7bn already in place in investment commitments.

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