The Primorsky Krai Development Corp has extended the deadline for applications for three independent auctions for land earmarked for casino development until the end of September.
The deadline for applications was previously 28 August, with the winners to be announced the following day, however this has now been extended until 28 September.
The company stated in a press release that the move will provide potential bidders with more time to prepare their proposals.
Additionally, Andrey Folomeev, general director of Primorsky Krai Development stated that at least two more plots earmarked for casino development may soon be available for auction.
The plots had been previously granted, to Gaming Group Primorye and Royal Time Group, but had not been developed according to the agreed schedule.
Primorsky Krai Development – the government-owned company overseeing the development of the Primorye gambling zone – has now resorted to legal action to reclaim these plots.
Folomeev said that, according to a report prepared by consultancy Ernst & Young for Primorsky Krai Development, the Primorye gaming zone, located 50km (31m) from the Pacific port of Vladivostok, is expected to generate annual gross gaming revenue of $2.2bn by 2025.
He added that the government forecasts that Primorye could attract about eight million inbound tourists per year in 2022, with no less than eight casino resorts in operation, offering at least 6,000 hotel rooms.
Meanwhile it had been reported by multiple Russian media outlets that the federal authorities might take over the oversight of the zone from the Primorsky Krai regional government, amid concerns that progress on the special area was lagging.
“The Far East Investment and Export Agency is now tasked with attracting new large international players to the project,” a source for the Ministry for the Development of the Russian Far East was quoted as saying.
However, speaking to the media, Folomeev stated he was “satisfied” with the pace of development in Primorye.
“Primorye now already has the highest [business] rates among all gambling areas in Russia,” he explained.
“And of course we are the only one area that was recognised by the largest companies from the gambling industry, such as Melco International Development and NagaCorp as [a] potentially successful project.”
Hong Kong-listed casino operator and developer NagaCorp stated last month that the firm was still expecting to open the property in the first half of 2019.
Meanwhile a third investor, Diamond For tune Holdings, has reportedly begun ground preparation for its Selena World Resort and Casino, also slated for 2019.
