NagaCorp inks $350 million Primorye development deal

NagaCorp Ltd. has reached agreement with the Primorye regional government to invest $350 million in a casino hotel complex in the new gaming zone under development near Vladivostok.

The Hong Kong-listed company, which owns the NagaWorld casino in Phnom Penh, said its Primorsky Entertainment Resort City would initially feature 100 tables, 500 slot machines and a large theater, with hotel suites being built in phases of 1,000. The company said that with the enticement of residence visas for investors, it would pre-sell suites, targeting Russian, Chinese, South Korean and Japanese buyers, with the aim of reaching a $1.8 billion investment target by 2025 as set by Primorye.

NagaCorp said it had secured an initial site of 21.6 hecatres but did not anticipate opening until at least 2018 given the time necessary for licensing and development. NagaCorp’s move follows announcement of plans for two companies controlled by Lawrence Ho and Taiwan’s Firich Enterprises Co. to invest in a $130 million casino hotel expected to open next year in the Primorye zone.