Japan-based Simple Create partnered with Diamond Fortune Holdings, which is building a casino project in the Primorye Integrated Entertainment Zone (IEZ), near Vladivostok.
Following the announcement, Diamond For- tune confirmed that it has “adjusted” its $270m IR development in the IEZ – now known as “Imperial” – to take into account Simple Create’s participation. Previously, the project had the working title “Selena”.
“We have adjusted the project of the hotel and entertainment complex, made it even more modern, taking into account the growing needs of Russian and foreign tourists,” said Sergey Sidorov, chairman of Diamond Fortune. “Due to the fact that the Russian Government provides a lighter visa regime for our closest neighbours – residents of China, [South] Korea, Japan and Hong Kong – we intend to receive about 340,000 guests a year.”
Simple Create is involved in a number of different sectors in its home market, “from real estate to trade in petroleum products”, while the company has previously launched a medical centre in the Khabarovsk region of the Russian Far East, working alongside local partners.
The first phase of the Imperial complex will include a hotel and a casino with 50 gaming tables and 300 slot machines, while the second phase is slated to see construction of another hotel tower with an additional 300 rooms.
“Construction should take about 18 months, and the first phase [of the property] should be completed and ready to open by September 2020,” said Thomas Gibbons, CEO of Diamond Fortune. He added that phases two and three of the casino resort would be developed “according to the market” conditions.
Gibbons confirmed that Simple Create’s investment, has not altered Diamond For- tune’s overall plans. “All targets are on track and the schedule remains the same,” he stated.