Primorye’s gaming hub dream edges towards reality

The concept of a casino and entertainment hub in Russia’s Far East will take a further step towards fruition this summer with the expected opening of the Shambala Casino. It will be the second integrated resort in Russia’s Primorye gambling zone, with a further property being developed by Nagacorp likely to open next year.  The Shambala casino is being built by businessman Maxim Smolentsev, who already operates a casino in Russia’s Azov City zone. So far, 3.5 billion rubles have been invested in the Shambhala resort out of a total projected cost of 8 billion rubles. The second stage will begin in 2022 and will feature a five-star hotel with 270 rooms, a spa area, a banquet hall and a conference hall. The main gaming hall will occupy an area of 5200 sq. m, which is more than other casinos in Russia. “In the short term, we see the Primorye IRC as a pan-Asian...

Intelligence Articles is a premium content section developed for AGB members only featuring in-depth articles on relevant items of interest across the multiple Asia Pacific Gaming jurisdictions. To continue reading, subscribe now.

Related Articles

Summit Ascent appoints Genting’s David Chua as new CEO

Summit Ascent has appointed former Genting Hong Kong President David Chua as its new Chief Executive Officer for a three-year term, effective from May 1.

Strong local demand lifts Summit Ascent H2

Summit Ascent Holdings, operator of Tigre De Cristal in Vladivostok said it swung the second half of 2020 to a positive adjusted EBITDA and net profit, thanks mainly to strong local demand. 
Primorye, gambling zone, russia

Primorye projects saw “major 2020 progress,” officials say

Officials in the Primorye gambling zone have been on a public relations blitz in recent months, highlighting how projects are now pushing ahead and stressing there is no change in the long-term plans for 12 casino complexes.
Primorye

Travel to Primorye down 24% in 2020, but long-term plans intact

The Primorye gambling zone saw a 24 percent drop in resort attendance in 2020 due to the pandemic, but authorities are optimistic about the future and have no intention of changing the long-term plans for the hub.

Summit Ascent says Tigre de Cristal staff begin vaccinations

Summit Ascent Holdings said that staff in Tigre de Cristal near Vladivostok has started to receive Russia’s self-developed Sputnik V COVID-19 vaccination. 
Summit Ascent's Tigre de Cristal

Summit Ascent GGR to rise 190% for two years: BoA

Bank of America/Merrill Lynch has added its voice to other recent commentary pointing to significant upside for Summit Ascent due to optimism over its projects in Russia and the Philippines.
Summit Ascent's Tigre de Cristal

Staycations to benefit Summit Ascent in short term

Locals seeking staycations are likely to provide strong support for Summit Ascent in the short term until international travel resumes, Citic Securities analysts wrote in a note.
Tigre de Cristal

Summit Ascent GGR growth to soar on Suncity backing

Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.

Summit Ascent boosting stake in Tigre de Cristal

Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.

Suncity plans direct VIP line at Tigre de Cristal

Suncity Group Holdings said it plans to set up a direct VIP business line at its Tigre de Cristal property in Russia to help drive business volumes and keep high junket rebates in house. The company said Summit Ascent may increase its stake in Oriental Regent, operator of the resort, to 67.5 percent from 60 percent previously and may end up holding as much as 89 percent if it is the only subscriber to an upcoming share issue.