Sunday, June 26, 2022

Primorye seeks to terminate agreement with investor


The Primorye Development Corporation has filed an appeal to terminate an agreement with Prim Golden Gate LLC, owner of an investment project in the Primorye gambling zone, local media reports. 

The corporation's appeal to a local court is due to be considered in September. According to court materials, the corporation wants to terminate the agreement with the Prim Golden Gate LLC on the implementation of the investment project and the sublease agreement regarding part of three land lots.

Prim Golden Gate LLC is a subsidiary of Diamond Fortune Holdings Prim, a company planning to build four hotels in the gambling zone, including Imperial (formerly known as Selena). It is planned to be put into operation by the fall of 2020 instead of the originally announced deadline of June 2019). 

Diamond Fortune Holdings Prim also builds the Sun casino, also through its subsidiary, Gaming Groups Primorye LLC. 

The corporation has tried to break off relations with Prim Golden Gate once before, in 2017, however, it ended in a settlement agreement. 

The Prim Golden Gate is responsible for the construction by December 2021 of a hotel with the Moon Gate casino and the complex with the Golden Gate ski slope.

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