NORTH ASIA 40
RUSSIA
Primorye gets new investors, stalled projects resume The development of Russia’s Primorye gaming zone has taken a major step forward in recent months, with the announcement of two new investors planning integrated resorts in the area.
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rimorye, which is located close to Vladivostok, is seen as the most promising of the country’s designated gambling zones. It has a low taxation base relative to many other jurisdictions around Asia and is within a four hour flight of North Asian source markets, such as China, Japan and Korea. During the pandemic, it has also fared surprisingly well, enjoying support from the local Russian market while international borders are closed. In early September, the Primorsky Territory Development Corp. announced that Russia’s Mantera Group has signed an accord to build a RUB14 billion ($192 million) integrated resort. The Mantera Group is a consortium of companies involved in the tourism and hotel industry. It is also developing a residential complex in the Krasnaya Polyana gaming zone in Sochi. Mantera signed the accord on Sept. 2. It intends to build the project within four years, with works expected to begin in 2022. “First of all, the project is aimed at increasing the inbound tourist flow from China, Japan and Korea, the countries within a four-hour flight radius and the market potential of one billion people,” said Dmitry Anfinogenov, director of sales at Mantera. “We already have experience in attracting foreign guests to the Krasnaya Polyana gambling zone – this is an excellent business basis for the next start.” Anfinogenov was a former director for development of the Krasnaya Polyana gambling zone in southern Russia. The casino will be built in Muravyinaya Bay on a 16-hectare plot. “We are pleased to welcome such a major investor as Mantera Group to Primorye, and we hope that the new casino is just the beginning of our great joint work on the development of the
Asia Gaming Briefings | October 2021
region,” said Olga Sun-zhayu, general director of the development corp. “With the participation of professionals in the tourism business, we are creating a new high-class resort, unique of its kind in the Far East.”
The announcement was the second in two weeks for the Primorye zone. The development corporation said a “major Russian investor” has agreed to spend at least 10.5 billion rubles ($142 million) to build a
