A casino operator out of South Korea is looking to open operations in Russia. Asia Gaming Brief (AGB) reported that K International Incorporated has been discussing the possibility of opening a project with the state-owned Primorsky Krai Development Corporation (PKDC), the entity managing the Primorye Integrated Entertainment Resort (PIER) zone near Vladivostok.
K International reportedly wants to build a $263.6-million hotel and entertainment complex in the PIER. The complex would include the hotel, a casino, a shopping center and a duty-free zone to the area and would be built on a 49-acre parcel of land.
The PIER is a casino-friendly project established by the Russian government. It already has seen the completion of the Tigre De Cristal resort, built at a cost of $144 million, and NagaCorp Limited’s Naga Vladivostok resort is in the works. Additionally, the $900-million Selena World Resort and Casino, a project planned by Russia’s Diamond Fortune Holdings company, will soon open its first phase.
Of the land that was allocated for the PIER zone, 118 acres are still available. K International’s resort would consume a large chunk of this land and the company has been considering launching a project in the area for some time.
PKDC interim General Director Igor Trofimov confirmed that the group had been negotiating a possible venue with K International. He told AGB, “We have been engaged in negotiations since the beginning of this year. The company accepts the terms of cooperation and is ready to sign the contract. For the implementation of the project, it considers a 20-hectare site with a fairly flat landscape.”
K International Vice President Lee Dong Tek expects the final designs for the project to be completed by November. Once complete, they will be submitted to a working group led by Andrei Larin, deputy governor for the PKDC. He further indicated that the company will also request participation in a scheduled auction for rights to sub-lease a portion of the PIER space.
According to AGB, the project will be funded through a partnership between K International and “subsidiaries of the largest Korean corporations.” That partnership will result in the formation of a holding company that will subsequently fund and manage the project.
