Sunday, August 14, 2022

G1 Entertainment to invest $500m in Tigre De Cristal Phase 2

The company behind Russia's largest casino, Tigre de Cristal, plans to invest about $500 million in the second phase of the project, according to a press statement quoting Craig Ballantyne, executive director of G1 Entertainment.

"There are plans to build a facility with the area of 100 thousand square meters, including 400 to 500 hotel rooms, a shopping mall, a food court, restaurants and bars, conference facilities and banqueting facilities, a spa centre. The project includes additional space for parking, in addition, there is a possibility to construct a golf course. The project totalling $500million 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, " Ballantyne said.

According to the press-statement, within a year the number of visitors to Tigre de Cristal has increased twofold - from 500 to 1,000 people per day, with the total number of them exceeding 200,000 people, while the number of international flights to the region has tripled.

A significant increase in the number of visitors occurred in the period from July to September, with their number exceeding 95,000 people during this period.

Craig Ballantyne said that the company spent RUB 816 million ($12.4 million) during this year on improving general infrastructure and landscaping. Meanwhile, approximately RUB 8.2 billion was spent on the construction and the launch of Tigre de Cristal.

During its first year the casino fetched RUB 130 million in gaming taxes.

Meanwhile, another investor in the Primorye gaming zone - NagaCorp Ltd - says it plans to start the construction of its entertainment complex Mayak with a casino and an aqua park this month.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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