On June 3rd 2015, it was reported that the Iida Group Holdings, which is one of the biggest residential development companies in Japan, may be looking to build a resort on Russky Island, which is located near the city of Vladivostok. Vladivostok is in Russia’s Primorsky Krai Gambling Zone.
The deputy minister of the development, Sergei Kachayev was reported as saying that the Japanese firm is interested in building a resort, which would house a residential complex, a golf course and a nearby ski area.
An anonymous source has said that they are prepared to invest between $380 million and $450 million and expect to recoup this within 5 to 7 years. The rapid return on investment may indicate that a casino is part of the plan.
Confirmation has not been made with Iida about these plans; the company did announce that they would be opening an office in Russia.
Russky Island had been a military base since the days of the Tsars. The island became more easily accessible after a bridge that connected it to the mainland was built in reparation for the Asia-Pacific Economic Cooperation (APEC) summit in 2012.
Asian investments are now targeting the Primorye region of Russia. Asian investors and the regional government have signed deals that are worth $1.4 billion to build a gaming zone near Vladivostok. It is said to be worth $2.2 billion and will have 16 hotel casino complexes and also a yacht club.