Melco International Development establishes new casino resort in Primorsky Krai
Macau-based Melco International Development has agreed a $700 million (€530 million) deal to build a new casino resort in the Primorsky Krai territory of far eastern Russia.
The new resort in the coastal territory is likely to create up to 1,600 jobs, according to Russian news agency RIA Novosti.
It is hoped that the complex will attract up to 50% more visitors to the region per year, with most expected to come from nearby China.
The deal is expected to be finalised by October, and the investment is expected to be pushed through in three stages, with the final stage due to be completed by 2017.
Lawrence Ho, chairman of the board of Melco, told Russian media that he “is very optimistic regarding the potential of the company in the Russian far east”.
According to Primorsky Krai Governor Vladimir Miklushevsky, the development of the entertainment and gambling zone will give a new impetus to the region’s economy and will “make the maritime territory an attractive destination for Asian tourists”.