In Russia, a South Korean firm has reportedly held negotiations with the state-owned Primorsky Krai Development Corporation about the possibility of bringing a $263.6 million development to the casino-friendly Primorye Integrated Entertainment Resort zone near the port city of Vladivostok.
Complex to feature a casino:
According to a report from Asia Gaming Brief, K International Incorporated has been engaged in talks about the possibility of bringing a hotel and entertainment complex featuring a shopping center, a casino and a duty-free area to a 49-acre portion of the Far East district.
Already home to the $144 million Tigre De Cristal venue, the Primorye Integrated Entertainment Resort zone is later set to welcome the Naga Vladivostok development from Cambodian firm NagaCorp Limited in advance of local entity Diamond Fortune Holdings opening the initial phase of its planned $900 million Selena World Resort and Casino.
Developer interested ‘for some time’:
Asia Gaming Brief reported that there are just over 118 acres of casino-friendly Primorye Integrated Entertainment Resort land that remains available for development before detailing that K International Incorporated has been interested in bringing a venue to the zone, which lies only about 140 minutes by airplane from Seoul, ‘for some time.’
Interim General Director for the Primorsky Krai Development Corporation, Igor Trofimov, to Asia Gaming Brief…
“We have been engaged in negotiations since the beginning of this year. The company accepts the terms of cooperation and is ready to sign the contract. For the implementation of the project, it considers a 20-hectare site with a fairly flat landscape.”
Designs to be finalized in November:
Moving forward, Lee Dong Tek, Vice-President for K International Incorporated, reportedly told the media outlet that his firm hopes to have completed the final designs for its upcoming Russian development by the end of November before submitting these to a working group headed by the Deputy Governor for Primorsky Krai, Andrei Larin. After this, he declared that the company will apply for permission to take part in an upcoming auction for the right to sub-lease a portion of Primorye Integrated Entertainment Resort space.
At the same time, Asia Gaming Brief moreover reported that K International Incorporated intends to partner with ‘subsidiaries of the largest Korean corporations’ in order to establish a holding company to fund and manage the planned development.