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Primoyre land auction cancelled over lack of applications

The auction for casino plots in Primorye failed to take place last week, due to a lack of applications, local media reports.

According to the Primorsky Krai Development Corporation, potential investors are not interested in participating in the project on current conditions.

Three plots were initially auctioned for RUB400 (US$6.9 million), 600 and 900 million, which granted the right to lease land plots and put together agreements for the construction of hotels and entertainment casino complexes in Primorye.

In addition, each investor is also required to make a RUB1.5 billion contribution to infrastructure.

According to corporation spokesperson, Sofia Korotina, several Chinese and Russian companies have expressed interest in the project, with whom negotiations are still underway, along with investors from South Korea, Hong Kong and Europe.

The corporation said it will review the terms in order to attract new residents to the gambling zone.

Another representative of the corporation, Igor Trofimov, confirmed that a change in the configuration of land plots, as well as the reduction in their starting price are being discussed.

After the changes are approved by the regional administration, they will be submitted for approval to the presidential representative office in the Far Eastern Federal District.

Earlier this week, it was reported a Vladivostok-based court rejected an appeal by Royal Time Primorye on the termination of its contract with the Primorsky Krai Development Corporation.

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