One of the most popular casino operators in South Korea is considering opening a big casino in Russia. That would be the start of their Russians open operations. The name of the company is K International, and according to Asia Gaming Brief (AGB), they have been heavily discussing this possibility which would include cooperation with Primorsky Krai Development Corporation (PKDC). It is a company which is currently responsible for managing Primorye Integrated Entertainment Resort (PIER), a zone located in the Far Eastern Russian city called Vladivostok. Primorsky Krai DC is owned by the state and opening a project with them would be of beneficial importance for K International.
Plans are Extensive
According to the speculations, K International has a plan to build a hotel there which would be worth $263.3 million. It would also include an entertainment complex which would be in the Pier. This complex would consist of a hotel, a shopping center, a duty-free zone, and, of course, there will be a big casino present as well. All of that is planned to be built by K International on a chunk of land that is 49 acres big.
The PIER, mentioned above, is a project that was founded by the government of Russia, and it is a casino-friendly project. There is already a casino resort called Tigre De Cristal that has been established in connection to this project. However, it is not the only such thing as NagaCorp Ltd is currently building the Naga Vladivostok resort. Finally, the project worth $900 is also a part of PIER, and Selena World Resort and Casino build it. It is a project which Diamond Fortune Holdings company from Russia plans, and it will open very soon, at least its first phase.
The Pier zone is doing pretty good, one can conclude. However, there are still 118 acres available, a good chunk of which will be taken probably by K International. The General Director of PKDC, Igor Trofimov, stated that there had been talks going on with K International indeed. He said for AGB that they had managed to engage in negotiations at the beginning of the year. He added that the company accepted the terms and conditions and that they were ready to give a site that was 20-hectare big and had a great flat landscape.
The Vice President of K International, Lee Dong Tek, stated that the final designs for the projects should be finished by November. Once the designs are complete, a working group would be established with the leader Andrei Larin, who is currently the deputy governor of PKDC. AGB states that the whole project will be funded by K International and other subsidiaries of the biggest corporations from South Korea. The partnership will be established as a holding company that will be responsible for funding and managing the project.