The amount of $500 million is expected to be spent on Phase 2 of the Tigre de Cristal integrated casino resort in Russia’s Primorye Integrated Entertainment Zone, developer G1 Entertainment LLC revealed.
Craig Ballantyne, Executive Director of the company behind the expensive project, said in an interview with local media that the second development phase will include the addition of a 1.08-million-square-foot area with hotel rooms, retail options, conference facilities, and food and beverage offering. However, there was no mention of additional gambling facilities. As the official pointed out, the project’s second phase will likely generate more than 2,000 new jobs.
G1 Entertainment holds the license for the operation of the Tigre de Cristal casino. The company is a wholly owned subsidiary of Oriental Regent Ltd. The latter is controlled by Summit Ascent Holdings Ltd., a Hong Kong-listed company owned by casino tycoon Lawrence Ho.
Earlier this year, Summit Ascent said that it had signed a non-binding agreement with South Korean gambling operator Kangwon Land Inc. for potential collaboration in regards to Tigre de Cristal’s second phase.
According to recent information, construction on the project’s Phase 2 is set to commence in the second half of 2017. The new facilities are expected to become operational by the first half of 2019.
Under Russia’s gambling laws, casino gambling is restricted to certain gambling zones. As mentioned above, the Tigre de Cristal casino resort is located in the Primorye Integrated Entertainment Zone. The zone is located 70 km from the Russian city of Vladivostok. Sited in the country’s Far East, the gambling and entertainment area is aimed at attracting VIP customers from China, where casino gambling is strictly prohibited with the only exception of its special administrative region Macau.
Tigre de Cristal was the first integrated casino resort to have opened doors in the zone. The complex had its soft opening in October 2015. A grand opening ceremony was held a month later. According to a recent report, the resort was visited by an average of 1,000 people per day in the three months ended September 30, 2016, up significantly from the previous quarter. The property’s casino floor features around 250 slot machines and 67 gaming tables, among other gambling and non-gambling options.
Overall, the Primorye Integrated Entertainment Zone is set to host four integrated casino resorts. Tigre de Cristal is the first and only operational complex for now. Cambodian gambling operator NagaCorp is expected to be the next to build and open a resort in the zone. Company officials have previously stated that the property is likely to open doors for visitors in mid-2018.
