Primorye activity heats up, with $1.1b in planned new investment

The gambling zone of Primorye in Russia’s Far East continues to pull ahead of rivals, with the expected summer opening of Summit Ascent’s integrated resort and news of two other major investments worth more than $1 billion. The zone, which boasts one of the lowest tax rates amongst all global gambling jurisdictions, has proved popular amongst both foreign and Russian investors, helped by its proximity to northern China. The area is close to the target Chinese feeder markets of Heilongjiang, Jilin and Liaoning provinces, as well as South Korea and Japan. The area has a total population of over 100 million people, accounting for 8 percent of China’s total population. “Honestly speaking, today our people are tightening their belts, so I do not think there will be a mass pilgrimage. But when it comes to the Chinese, this is a special case, and Primorye is aimed only at them,” Yevgeniy Kogan, managing...

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