Royal Time Group’s casino project in Russia’s far east Primorye gaming zone appears dead on arrival following a local court ruling on Thursday.
In April, the Development Corporation of the Primorsky Territory filed a claim with the Arbitration Court of Primorsky Krai seeking to terminate its dealings with Royal Time subsidiary Royal Time Primorye.
The claim was reportedly due to Royal Time’s inability to stick to a development schedule for its Primorye casino project, which was to operate under the name Phoenix. In March, Primorsky Territory Vice-Governor Evgeny Polyansky had publicly warned casino developers to stick to their timetables or their investment agreements would face the axe and the territory would levy stiff fines.
On June 1, the Court issued a ruling upholding the Development Corporation’s claim. Betting Business Russia quoted from the ruling, which authorized the termination of the contract for “investment project number nine” held by Royal Time Primorye, as well as the sublease agreement for the land on which the Phoenix resort was to be built. In one final indignity, the Court ordered Royal Time to pay RUB 12k ($212) in court costs.