The work on NagaCorp’s Naga Vladivostok integrated resort (IR) in Russia continues and the Hong-Kong listed company expects to have the first phase construction completely wrapped up by the end of next year. The company shared its update with Inside Asian Gaming and shows a deviation from the original schedule, which had the venue completed by sometime this year.
No firm date has been issued for the grand opening of the project. The company had previously stated, in its 2018 financial report, that the IR remained “broadly on schedule for completion in 2019” after it delayed a previous 2018 launch. The 279-room hotel appears to be more difficult than anticipated and the IR’s contractor has had to revise the construction schedule.
Naga Vladivostok is going to be a 592,000-square foot property in the Primorye Integrated Entertainment Zone (PRIE). It is expected to include a multi-purpose facility measuring 21,500 square feet and the second phase of the project, which includes a water park and outdoor pool, is meant to be completed sometime in 2022.
Phase One construction has been delayed due to archeological digs taking place on the site. About 40% of the area impacted by the digs has been complete, meaning there is still another 60% remaining. On a positive note, all the piling and substructure work for the complex is now complete and 30-40% of the superstructure is in place.
Naga’s Hotel Tower Block has also seen the completion of three of the 11 levels to be offered. The Casino Podium, according to the contractor, is halfway done, reaching level 1. Eventually, there will be four Casino Podium levels. The IR’s ballroom is also moving forward, currently at Level 1 of three levels.
Eventually, Naga Vladivostok will be able to compete with Tigre de Cristal. That IR was the first in the region and has been operational for a couple of years. It has seen its ups and down since opening and recently reported that its revenue had dropped slightly for 2018. However, it is also working on Phase II of the project, which it expects to be ready in the summer of 2021.
