The corporation overseeing development of Russia’s far east Primorye gaming zone has postponed an auction of casino land plots, reportedly at the request of potential investors.
Late last week, the state-owned Development Corporation of the Primorsky Territory announced that the August 28 deadline for receiving applications for the auction of gaming zone subleases had been pushed back to September 28. The auction is now scheduled for September 29, although the Corporation reserved the right to reschedule again provided it gives three days’ notice.
The Corporation claimed that the delay had been requested by potential investors so that they might get their paperwork in order. The Corporation further claimed to have received interest from investors from Russia, China, South Korea, and “several European countries.”
The three plots of land up for auction range from 7.9 hectares (17.2 acres) to 19.7 hectares. Companies interested in setting up casino operations are required to invest a minimum of $120m for the smallest plot and at least $300m for the largest, with the allotments of gaming tables and slot machines mirroring the size of the plots.