NagaCorp Ltd’s (3918:Hong Kong) integrated resort (IR) project in Vladivostok, Russia reportedly remains “broadly on schedule for operation by 2019,” according to Asia Gaming Brief.
The news agency reports that in a commentary in the company’s annual report, Chairman Timothy McNally (pictured) wrote that an office had been established in the city center and that the company had appointed a number of key personnel to monitor various aspects of the $350 million seaside entertainment resorts project. He wrote, “We believe our strategy to diversify our business geographically and expand into new casino markets will drive revenue growth in the long term,” according to the report.
NagaCorp, the largest hotel, gaming and leisure operator in Cambodia, broke ground on its Russian facility located some 24 miles north of Vladivostok in May 2015. Piling work on the IR project began last year.
Primorsky Entertainment Resort City will join Summit Ascent Holding’s Tigre de Cristal, which has enjoyed a monopoly since opening in October of 2015.
Located in the Far Eastern economic region of Russia, the Primorye Region is viewed as having the most potential of the country’s four designated casino gaming zones due to its proximity to the Korean and Chinese markets. According to officials, more than 200,000 visitors were welcomed by Tigre de Cristal last year, the news agency reports.
A recent report completed by Daiwa Securities Group Inc. on Summit Ascent Holdings Ltd.’s casino operations in the region found gaming volumes to be comparable with those of casinos during the budding years of Macau’s rise to the top of the world gambling market.
Last year, NagaCorp, which operates NagaWorld Hotel & Entertainment Complex in the capital city of Phnom Penh, Cambodia, exceeded its 2015 net profit by 7 percent. The company ended last year with a net profit of $184 million and its gross gaming revenue (GGR) for 2016 at $501 million was an increase of 4 percent, while non-gaming revenue for the year rose by 33 percent to $30.7 million, , according to the news agency.