Primorsky Resort Could be Welcoming a South Korean Bid
Casinos became a successful affair in South Korea. But evenJapan's possibility of becoming Asia's next gaming center isn't enough to deter local entrepreneurs from dreaming big and spreading to the unlikeliest destinations. However, this is precisely what s on the mind of K international Incorporated.
According to Asia Gaming Brief (AGB), South Korean operator K International Incorporated is now preparing to open a property in Russia to negotiate the move with the state-owned Primorsky Krai Development Corporation (PKDC), which is responsible for the integrated Entertainment Resort (IER) region hosting gaming facilities. In 2017, Primorsky saw a increase in consumer expectations and it is now obviously attracting the attention of well-heeled firms.
The construction of a large $236.6 million hotel & entertainment complex in the same zone operated by PKDC will now be expected by K International Inc. Although neither of the parties allegedly concerned publicly announced it, the proposed property could sprawl on a 49 acre plot.
IER has also added gaming assets to its stable, with Tigre De Cristal, recently completed, worth $144 million. More ambitious ventures are also ongoing, with Russia's super rich being able to experience the glamor of Selena World Resort Casino, another state-owned venture, a $900-million project built by Russia's Diamond Fortune Holdings.
The Future Of The Project Dependos On Igor Trofimov
While AGB could not get an official confirmation, PKDC Corporate Director Igor Trofimov, temporarily holding the post, said there was a conversation with the business company headquartered in South Korea and the project could appear on 20 hectares of the entire complex.
“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,” Trofimov added.
Meanwhile, with Lee Dong Tek, K International Vice President, further signs that the project is about to become a concrete undertaking have surfaced claiming that a final draft of the mulled project will be submitted by November this year. If the proposal is cleared and approved the company will then go on with plans to buy the property it will use to build the whole enterprise.
Country selection is certainly not characteristic of K International Incorporated that had previously explored in Russia. If the new proposal goes through all the initial phases, Russia will see an Eastern operator making their first forays into the region.
An Untapped Opportunity
Russia remains a largely walled off market where casinos are mainly owned by super-rich people who need power players to get the permits they need. Casinos at home are not preferred at the detriment of outside investors, while foreign investment is hard to obtain. At the same time, however, a second tigre De Cristal Casino is being built.
The challenge is much more daunting considering the current set of sanctions that the US has put the nation under. Still then, K International Incorporated is prepared to push its investment forward.
