Thursday, August 18, 2022

NagaCorp on track for 2018 Russian IR opening

Hong Kong-listed NagaCorp is set to open its new Primorye integrated resort in 2018, according to the director Primorsky Region’s Development Corporation, local media reports.

“They embarked on the construction a year ago, however, ancient graves were discovered at that plot of land and had to be carefully extracted, processed and transferred to storage. Naturally, this affected the timing, but in 2018, the complex will open,” said director Andrei Folomeev.

The Mayak integrated resort will be the second opening in Primorye after Tigre de Cristal was launched in October 2015.

According to a report from last year, Naga Corp chairman Tim McNally has been quoted as saying that the company's project - which includes hotel facilities "Mayak" (Lighthouse), along with a casino and a water park.

During the first stage of the project, the company plans to build a 11-storey hotel complex with a casino, allocating $70 million. The facility will include a hotel with 279 rooms and a 2,000-seat concert hall, with 300 slot machines and 30 gaming tables in the casino lobby.

Investment in the project is expected to total $350 million, and it is scheduled to be completed by 2021.

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