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Diamond Fortune to invest in Vladivostok hotel complex

Russian company Diamond Fortune has announced plans to invest about 900 million dollars in the construction of a hotel and entertainment complex in the city of Vladivostok within the next ten years, Russian news website has reported.

The company's head Georgiy Kondakov made this announcement at the Eastern Economic Forum that kicked off in Vladivostok yesterday.

According to him, the construction of the first entertainment complex, which will include the casino Selena and two hotels, is set to conclude by the end of 2016. The complex is expected to have an area of 18,000 square meters.

"We plan to spend about 35 million dollars on the first complex, and to have 5-10 more millions as working capital, with investments due to be paid back in a year and a half," he said. The construction of the second and third hotel and entertainment complexes will be financed at the expense of profits obtained from the first casino.

In a separate development, Primorye Territory Governor Vladimir Miklushevskiy has promised at the same forum that the state budget will receive at least 1bn roubles in taxes annually after the Primorye gaming zone will be launched, state-owned news agency RIA Novosti reported. He also said that the zone is expected to reach full capacity by 2022.

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