Wednesday, August 17, 2022

Primorye moves closer to federal takeover


The Russian Ministry for the Development of the Russian Far East has begun drafting amendments to the law on gambling, aimed at streamlining management of the Primorye gambling zone, local media reports.

"The project is global, but its development is slow. Yuri Trutnev, the deputy prime minister and the plenipotentiary of the Russian president in the Far Eastern Federal District, reportedly said, referring to ineffective work on the implementation of the gambling zone project. The Far East Investment and Export Agency is now tasked with attracting new large international players to the project," stated a source from the ministry.

Trutnev announced earlier this year that Primorye will be taken under federal patronage as it was developing rather slowly, and threatened those investors who delay the implementation of their projects with legal action.

The legislation is expected to come into force in December 2017.

Last week the Primorsky Territory Development Corporation reported on its website that together with investors it will pump RUB79.5 billion (US$1.3 billion), into the Primorye gambling zone in 2017. The statement also said that in the first five months of 2017, its first - and major - Tigre de Cristal casino brought RUB289.7 million to state coffers.

It also quoted the director general of the corporation, Andrey Folomeev, as saying that the Summit Ascent company is getting ready for the construction of its second facility worth $500 million.

"The outline plan for the future hotel complex with casinos, tennis courts and other entertainment services has already been approved in Hong Kong, financial and technical plans are now being agreed upon. The design project will be reviewed this year," Folomeev said.

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