Primorye sets new conditions for future investors

Tuesday 24th of November 2015

Future investors in the Primorye gambling zone in Russia’s Far East will need to make a special contribution worth about 1.5 billion roubles ($23 million) towards infrastructure development, according to the local administration’s web site.

Primorye Territory Vice Governor Sergey Nekhayev announced new conditions for future investors during a visit by Russian Minister for Far East Development Aleksandr Galushka to the facilities.

He also said the state-run Far East Development Corporation recently announced a tender for free land lots in the territory and winners would be decided by mid-December.

Nekhayev forecast that tax revenues from Primorye would reach 165 million rubles in 2016, more than 700 million per year by 2019 and about 2.5 billion roubles per year by 2022.

Summit Ascent’s Tigre de Cristal opened its doors in the zone in October and held its grand opening earlier this month. It was the first of several properties scheduled to open in Primorye, with projects also planned by NagaCorp, Diamond Fortune Holdings and Royal Time Group.

Meanwhile, Russian media reports that one of the main figures behind the newly established Sochi gaming zone is a relative of Russian Agriculture Minister Aleksandr Tkachev.

The article said that in October Russian bank Sberbank sold almost 90 percent of shares in JSC Krasnaya Polyana to the Kurort Plyus companies, which is reportedly linked to Tkachev’s family. Krasnaya Polyana’s main asset is the Gorky Gorod resort, which will be the main area of the future zone, business daily Vedomosti reported.

Another official told the paper that the Sochi zone was set to open in the second half of 2016, adding that its territory would be restricted by the Krasnaya Polyana ski resort.

Bricks & Mortar Primorye Sochi