A third Korean development firm has expressed interest in constructing a new IR in Russia’s special economic zone Primorye, with local officials promising “favourable conditions.”
Ramid Hotels and Resorts has signed a memorandum of understanding with the Primorsky Krai Development Corporation, following in the footsteps of K International and Dongnam Industry Co. Ltd.
“We have good relations with the Republic of Korea, many tourism projects are developing, including in the hotel business,” said Primorye governor Oleg Kozhemyako.
“We are ready to go forward and offer favourable conditions for both the maritime business and the Korean side.”
Ramid first mooted an IR in the region in 2018, with president Mun Ben-Uk stating “we have already looked at the land plots, we have seen the project to create a residential complex in Closed City Fokino. We want to get to work as soon as possible.”
The new hotel, casino and golf course development is to be constructed to emu-late “recognized world entertainment centers Las Vegas, Hong Kong and Dubai,” and will theoretically neighbour the $300m resort planned by K International and the $30m complex of Dong-nam.
Kozhemyako stated that officials “are ready to provide land plots” close to the Free Port of Vladivostok as part of efforts to develop the region as a casino hub.
Pursuing that aim, operators were reassured in October by PKDC director general Igor Trofimov that slated nation- wide casino tax increases would not apply to Primorye, adding “what the operators need in this initial phase is stability.”