$700M Far East Casino Complex Planned
- The Moscow Times
- Sep. 09 2013 00:00
- Last edited 17:11
Russian firms will build aá$700-million gambling andáentertainment zone ináthe Primorye region with help fromáa large Chinese casino operator.
Melcoá— aácompany based ináMacao, Chinaá— andáthe region's administration signed anáagreement atáthe Far East Investment Congress, theáadministration said onáits website Friday.
TheáPrimorye entertainment complex will have aácasino with about 800 gaming machines, 24 VIP andá40 regular tables, as well as aáhotel with 110 rooms, Vedomosti reported.
During theáfirst phase, $130 million will be invested. Chinese companies Summit Ascent andáNew Crescent will invest $66.3 million, while $24.7 million will come fromáa Taiwanese company, Firich. AáRussian company, Pervaya Igrovaya Kompania Vostoka, will contribute $39 million toáthe project.
Theáproject's partners already invested $70 million intoáthe gambling zone as theáfirst installment ofáthe payments, Oleg Drozdov, a member ofáthe Russian company's board ofádirectors, told RIA Novosti.