More Chinese firms are keen on putting their money in the Primorye gambling zone amid stricter gambling regulations and on-going corruption crackdown in their homeland.
The Asia Gaming Brief reported that Beijing-based Guo Wei, a group of Chinese companies, flew to the Russian Far Eastern city of Vladivostok on Tuesday to seek business opportunities in Russia’s gambling zone, according to the Primorye Territory Development Corporation.
Guo wei is involved in large-scale tourism projects, including cultural tourism facilities, sports facilities, and hotel infrastructure. One of their successful investments include the Beauty Crown hotel in Sanya, Hainan Islands.
They reportedly toured the Lawrence Ho-led Tigre de Cristal casino, as well as land lots of other investors, where construction works are currently under way.
Mr. Shi, who heads the Chinese delegation, told the press office of The Far Eastern Development Corporation JSC that investment potential is the key reason why they are interested with the Primorye resort.
“We are considering the Primorye gambling resort to be a promising tourism-oriented investment project. For Chinese tourists this place will be especially interesting due to its good transport accessibility and availability of gambling. We plan to build a casino and a thousand-room hotel, as well as create a recreational park area and a yacht club on the bay. We are pleased that there is an opportunity to carry out construction works all year round, so we are primed for early results,” he said.
Over the course of the negotiations, the parties agreed that the Chinese holding became one of potential investors of the gambling resort. The volume of investments has not been revealed yet.
But Primorsky Territory Development Corporation Director General Andrey Folomeev noted that the potential investors are required to follow certain procedures.
“Potential investor must take part in the auction for the right to lease the land and then defend their design project of future facilities before the working group of the resort. After concluding the investment agreement the Corporation undertakes a commitment to create all the necessary engineering and transport infrastructure,” Folomeev said.
