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NagaCorp renames Vladivostok casino project

Cambodian casino operator NagaCorp has renamed its Russian casino project in Primorye to Naga Vladivostok, local media reports.

"The second casino in the Primorski Kray will be called not Mayak, as investors earlier said, but Naga Vladivostok. Obviously, the new version sounds more serious, which can’t but please us," said head of the Primorsky Territory Development Corporation, Andrei Folomeev.

This is the second renaming of NagaCorp's Primorye project, which initially was dubbed Naga Entertainment City before being changed to Mayak (Russian for ‘lighthouse’ or ‘beacon’).

Folomeev also said that the Primorsky Territory Development Corporation is currently preparing to look for new investors for the potentially vacant land lots in Primorye.

"We will look for new investors, and maybe even adjust the concept of the development of the entire resort. In addition, according to the plan, two residents are conducting construction works in Primorye: Diamond Fortune Holdings Prim works over its first facility Selena and a major Asian investor, NagaCorp, which intends to complete the construction of its facility by the end of 2018," he added.

Meanwhile, another Asian investor - G1 Entertainment - is understood to soon be investing another RUB 500 million (US$8.3 million) in the construction of its second facility in cooperation with Kangwon Land.

Regarding the decision to give control of Primoyre to federal authorities, Folomeev quoted eputy Prime Minister Minister Yury Trutnev as saying that the Primorye gambling zone "was recognized as economically effective and socially significant".

"The organization of gambling activities and the creation of large-scale integrated resorts is still not a fully mastered practice, both for Russian specialists and for the whole system of Russian legislation. As long as Russia does not fully implement at least one gambling zone project, which may serve as a model for developing others, this industry requires active attention and participation from the federal authorities," he said.

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