Hong Kong-registered Asia-Invest Group is planning to build an 80-hotel room and casino facility with 30 gaming tables and 200 slots in the Primorsky Integrated Entertainment Zone of Russia, nearby Vladivostok, with plans to open the $34 million facility within two years, after breaking ground in September.
According to reports, the company had initially planned to start the project in October of 2021 but the project was derailed due to COVID. Now the company has been granted the building permit and can commence operations.
However, the timing of the investment is interesting, given how other operators, such as Summit Ascent, which operates the Tigre de Cristal casino in the same region, has recently scaled back its expansion investment plans, due to volatility brought about in large part by the Russia-Ukraine conflict.
Tigre de Cristal initially opened doors in November of 2015, when Summit Ascent was still a subsidiary of Macau gaming operator Melco. It was subsequently sold off to Macau junket operator Suncity, which transformed into the LET Group, which currently operates the property.
The Primorsky region is one of five within Russia authorized to operate gambling activities, with some 12 casino projects initially slated to take shape there.
Asia-Invest Group now appears to be banking on the future of the region, with the group’s Director, Alexander Kim telling media the group is now negotiating contracts for the construction, developing interior design and documentation for the project.