Unforeseen delays for Summit Primorye

Summit Ascent Holdings says the construction of its Primorye project in the Russian Federation has been delayed “due to unforeseen obstacles” and the opening is now due in the second quarter of 2015.

“Due to unforeseen obstacles associated with executing a project of this size in the Russian Far East, the proposed dates of completion of construction and full opening are expected to be delayed,” the company says in a statement to the Hong Kong Stock Exchange.

Construction was to be completed in April 2014, and if the new target date of the first quarter of 2015 is met the project will be a year behind schedule.

“Subject to the time taken for usual commissioning formalities such as government inspection, approval and the issuance of the occupation permit, etc., the casino hotel is now expected to be fully operational sometime in the second quarter of 2015. FGCE does not anticipate any further delays and remains confident that it can complete construction of Phase 1 within previously estimated total capital expenditures”.

The company cites delays in getting design approval from local authorities, slow delivery of equipment and delays in getting approval for foreign workers. The statement says that there are now 150 workers on site and that this will increase to 450 at the peak of construction.

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