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Tag: Russia

Auction of Primorye plots ahead of IER expansion

ICR PRIMORYE
Primorsky Krai Development Corp has listed two plots of land for sale in the Vladivostok province of Primorye’s Integrated Entertainment Resort zone. The Russian government-owned property company announced bids will close on 28 May, with the auction taking place the following day as part of wider casino development plans. “Ten sites, with a total area of ​​60.8 hectares remain free on...

Fitch: Japan a threat to Korea and Russia, but not Macau

fitch
  Financial analyst firm Fitch Ratings has predicted Japan’s future casino industry, which could be worth up to $9bn a year, is unlikely to have a detrimental effect on the Macau market.   However, the much anticipated establishment of up to five integrated resorts in Hokkaido, Osaka, Wakayama, and Nagasaki will reportedly cause problems for Japan’s more immediate neigh- bours. “Japan’s integrated resorts...

Crimea’s regional government plans to relocate gambling zone

ICR - Crimea
While it had been suggested that construction of the first facilities at a sixth gambling zone in Crimea would begin by the end of 2017, it appears that the project has now experienced further delays.   In January, Crimea’s prime minster Sergey Aksyonov signed an order to set up a working group of 14 local officials - including vice premier Vitaly...

Melco gambles on British and Russian visitors in Cyprus

City of Dreams Mediterranean melco
City of Dreams Mediterranean is aiming to capture visitors from the UK and Russia, but an uncertain geo-political situation could mean Melco will have to look to develop tourism from further afield suggests GBGC’s CEO, Warwick Bartlett.   Melco Resorts has announced that its new E550m resort development, City of Dreams Mediterranean - currently under construction in Cyprus - will seek...

No one will pity anybody: Tax hike to impact Russian industry growth

Three casino plots in Primorye up for auction primorsky tax
  Russian casino operations are preparing for the impact of the Duma’s plans to raise gaming taxes throughout the Russian Federation by next year. In November, the Duma approved the first reading of the crucial bill that could lead to Russian-licensed gambling operators’ tax obligations doubling by January 2018. Russia does not impose taxes on gross gaming revenues, instead imposing monthly flat...

Summit Ascent hits back against new legislation

tigre summit ascent
Tigre de Cristal’s operator, Summit Ascent, has reportedly expressed reservations about its future in the Primorye region given Russia’s increasingly heavy-handed approach to taxation.   In late November, Russian President Vladimir Putin signed legislation that doubled taxes on Russian gaming operators, with further tax hikes on the cards until 2020, by which time rates will have risen tenfold. On 4 December, Russian...

Karjala Kasino rebrands, launches Karelian language option

karjala kasino
  Karjala Kasino has announced that Swedish and Norwegian players as well as Karelian-speaking customers can now enjoy a “completely localised experience” at the online casino.   “Karjala Kasino was rebranded and given a completely new look and content in the start of November,” Karjala Kasino CEO Adnan Maslo said. “We have added local Karelian dialect and based on previous demand, we...

North Korea inaugurates cruises to Vladivostok

north korea Mangyongbong-92
The Hermit Kingdom has launched a new cruise line sailing from the ports Rajin and Kumgangsan to Vladivostok, with officials suggesting that a “more luxurious” vessel could be in the pipeline and the possibility of casino cruising still in play for North Korea.   North Korea hopes to launch itself into the world of cruising with ageing liner, the 9,700-tonne Mangyongbong-92,...

Storm International set to bring luxury brand to Latvia

latvia storm international olympic
Russian casino operator Storm International is to open a branch of its Shangri La Casinos in Riga in October, becoming the fourth casino in the Latvian capital.   The new opening, also the fourth in the company’s Shangri La stable, will be located in the Kempinski Riga Hotel in the centre of the city, close to Riga International airport. Targeting a high-end...

Primorye gaming zone to build race track

race track primorsky
  While operators in Primorye have had a number of hurdles to clear, not least of all competition from illegal gaming venues, the territory’s state-owned Development Corporation is betting that the addition of horse racing to the zone’s gaming mix will spur further growth.   Russia’s far east gaming zone plans to develop a horse racing business in a bid to attract...

Three casino plots in Primorye up for auction

Three casino plots in Primorye up for auction primorsky tax
Russia’s Primorsky Krai Development Corp, the company in charge of developing the Primorye Integrated Entertainment Zone has announced that it is set to auction off three plots of land. The bidding process commenced on 14 July, with a deadline of 28 August for bids, with individual tender requirements on all three sites. The first parcel of land covers 7.9...

Here come the Feds: Moscow steps in to oversee Primorye

Here come the Feds: Moscow steps in to oversee Primorye
As NagaCorp announced a new name for its Far Eastern integrated resort project, the Russian government has moved to take over control of the Primorye gaming zone from the regional authorities, amid concerns that development is falling behind schedule. NagaCorp has moved to rebrand its Primorye venture; the Cambodian operator said its project - previously known as Mayak (Lighthouse...

Russian casino operator looks to Crimea for new casino project

A Russian casino operator is looking to invest in the Crimean gambling zone but is seeking assurances from the authorities that the new zone will not be unexpectedly closed, as was the case with Azov-City. The operator of two casinos in the Azov-City zone has reportedly declared that he is considering opening a gaming venue in the recently-established Crimea gambling...

Diamond Fortune starts building new Primorye IR

Diamond Fortune
Casino operator Diamond Fortune Holdings has broken ground on its new project in Russia’s far east Primorye gaming zone. It is over a year since Diamond Fortune unveiled its plans to build Selena World Resort and Casino, a $900m resort casino complex in the Primorye zone outside of Vladivostok but a news report on the Primorsky authority’s website states that...

Illegal operations impinge on Tigre de Cristal

Casino Review - Russia illegal Tigre de Cristal
A spate of illegal gambling operations in Russia has impacted the options of the Tigre de Cristal casino in the country’s Primorye gaming zone.   Illegal gambling operations in the Russian Far East have forced Tigre de Cristal casino in Primorye gaming zone to significantly scale back several of its gaming options. Tigre de Cristal opened its doors in November 2015, the...

Russia’s gaming industry more bullish than bearish

Casino review - Russia Gaming industry Sochi
As Kaliningrad’s first casino opens its doors, with a second casino for Sochi on the way and a sixth gaming zone on the cards, the prognosis for Russia’s gaming industry is looking decidedly upbeat.   Following something of a Russian winter, it would appear that spring has sprung for the country’s casino industry. The first full casino in Kaliningrad’s Yantarnaya gambling zone...

Sochi Casino & Resort heralds a resurgent Russian industry

Casino Review - Sochi Casino and resort Russia
With all eyes on Brazil and Japan it would be easy to overlook a third market opening: Russia. While the government has maintained an anti-gambling stance since its 2009 decision to limit gambling to five remote gaming zones, the decision to move a zone to Sochi reflects a tacit change in political position.   Sochi Casino & Resort ushered in a...

First casino opens its doors in Sochi gaming zone

Casino review Sochi
The Black Sea resort of Sochi has welcomed its first casino. Is this the start of a thaw within the Russian government towards new opportunities in the casino gambling landscape?   The first casino in Sochi’s designated gambling zone, on the Russian Black Sea coast, held its official opening on 5 January, according to Russian Government-owned media sources, following the pre-opening...

The Fisherman, the Fish and the gaming industry

Russia, Azov City, Sochi
Despite the Russian government’s anti-gambling stance, the move from Azov City to Sochi would seem to be a tacit acknowledgement of the casino industry’s potential as a revenue generator, suggests Edward Lowton.   There is a Russian song which goes something like, “in the sea of girls’ smiles, no effort is required to catch something there, but only you are the...

Sochi gaming zone’s first casino on track for December opening

Casino Review Sochi
A spokesperson for the city’s administration has confirmed that the first casino in the Sochi gaming zone is on track to open its doors this December.   An order signed by Russian PM Dmitry Medvedev in late August laid out plans to create the 165,000 sqm gambling zone in the coastal resort. With the help of casinos, the government hopes to attract...

VIP surge gets Tigre de Cristal into the green

Casino Review Tigre Russia VIP
Fixed-room deals with two junket operators have seen the Tigre de Cristal in Russia’s far east make substantial gains in its VIP revenues.   Half-year financials published by Summit Ascent Holdings – the Lawrence Ho-backed venture behind Russia’s Tigre de Cristal casino – show that its flagship property near Vladivostok enjoyed a massive spike in rolling chip turnover this summer. The company said that...

Diamond Fortune Holdings to build four casinos in Primorye

Casino Review Primorye Integrated Entertainment Zone
Casino developer Diamond Fortune Holdings has laid its cards on the table as it details its new project in Russia’s Primorye gaming zone.   Russia-based casino developer Diamond Fortune Holdings has unveiled its plans for the Primorye Integrated Entertainment Zone, a casino development area located 50 kilometres (31 miles) from Vladivostok, Russia’s principal Pacific port. The firm aims to develop four casino...

Merkur Gaming continues to progress in Russia

Merkur Gaming Gauselmann Russia
The Gauselmann Group’s Merkur Gaming brand has announced that it recently delivered a new order of Avantgarde SLT slot machines to the Shambala Casino in Russia’s Azov City. The property recently extended its casino floor - and had thus been seeking “world-class gaming equipment,” according to its chief executive, Yuriy Tkach (pictured, right). “We are very pleased to present our guests...

Another brick in the wall: Storm International opts for Blockchain

Storm International, Blockchain
Moscow-headquartered gaming operator Storm International has announced that it will adopt bitcoin innovation Blockchain to streamline and improve its finance data capabilities. The company - which operates gaming facilities throughout Russia, Romania, Belarus, Armenia, Georgia, Germany and Mexico - said that the technology would enable it to “unite accounting” throughout its international portfolio. Developed as a public ledger for all bitcoin...

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