• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Ho Raises Stake in Russian Casino

Newsdesk by Newsdesk
Thu 24 Apr 2014 at 04:37
Print Friendly, PDF & Email

A consortium backed by Macau casino magnate Lawrence Ho plans to raise its stake in a resort casino near Vladivostok.

Citing a knowledgeable source, The Wall Street Journal reports that Mr Ho’s investment group will buy half the stake of its imprisoned Russian partner for US$20 million, raising its collective share in the project to 85%, with the partner, Oleg Drozdov, retaining 15%.

Mr Drozdov has been in detention since late last year in connection with alleged “business malpractices” tied to the construction of a sewerage plant, according to a filing by one of Mr Ho’s companies with the Hong Kong Stock Exchange.

The filing said the investigation wasn’t linked to the casino plan, but it could trigger a buyout in the event that any stakeholder is “deemed by any relevant gaming regulatory authority to be an unsuitable associate”.

The transaction, once completed, will see Hong Kong-listed Summit Ascent Holdings, in which Mr Ho holds 33.8%, raising its stake from 46% to 60%. Partner Firich Enterprises, a Taiwan-listed manufacturer of gambling machines, will own 20%. Mr Ho’s Hong Kong-listed Melco International Development will own 5%.

The first phase of the casino, located in Primorye, a Russian Far East territory bordering China, is scheduled to open by the end of this year, the first new gambling resort to open in Russia since a Kremlin crackdown in 2009 banished the industry from major cities and set up four permissible zones in outlying parts of the country, one of them Primorye.

Vladivostok is closer to Beijing than Macau, about two and a half hours’ flight time compared with three hours and 45 minutes to Macau, according to the Journal’s calculations, and Mr Ho’s group believes the US$650 million casino will attract a sizable number of high rollers from northern China.

Initial plans call for 65 table games, 800 slot machines and 120 hotel rooms.

US-based Global Market Advisors, whose subsidiary Gaming Market Advisors prepared a casino industry report for the Primorye government in 2012, believe the region could generate US$1 billion in gambling revenue in the early going.

Cambodia’s Hong Kong-listed NagaCorp., which holds a lucrative casino monopoly in Phnom Penh, also plans to build in Primorye in partnership with local interests. Global Gaming Asset Management, a US-based investment and operations group founded by former senior executives of Las Vegas Sands, also has expressed interest in the market.

RelatedPosts

Tim McNally to retire as NagaCorp chairman, Philip Lee named successor

Tim McNally to retire as NagaCorp chairman, Philip Lee named successor

Thu 22 May 2025 at 17:58
Melco prices US$750 million Senior Notes offering

Melco smashes revenue and profit estimates in 1Q25, gains market share on powerful performance of Macau resorts

Fri 9 May 2025 at 05:36
House of Dancing Water returns to City of Dreams Macau with spectacular premiere

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

Thu 8 May 2025 at 11:11
The changing face of Macau

The changing face of Macau

Tue 29 Apr 2025 at 15:09
Load More
Tags: Global Gaming Asset ManagementLawrence HoMelco InternationalNagaCorpRussia
Share1Share
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Sega Sammy chairman Hajime Satomi named in Japan’s Top 50 rich list

by Newsdesk
Tue 3 Jun 2025 at 12:04

Hajime Satomi, the chairman of leading Japanese pachinko supplier and integrated resort investor Sega Sammy Holdings, has been named among Japan’s 50 richest people in 2025 by business media group Forbes. Satomi is ranked at No.41 on this year’s list...

Always in season for bold escapes at Hann Resorts

Always in season for bold escapes at Hann Resorts

by Newsdesk
Tue 3 Jun 2025 at 10:09

CLIENT PROMOTION Hann Resorts in Clark encourages guests to disconnect from their digital gadgets and rediscover the benefits of offline experiences with family and friends up north at Clark, Pampanga. “Travel, Stay, Play.” Guests from Visayas, Mindanao and other countries...

Thai Government announces Entertainment Complex Press Briefing for Wednesday, local media buzzing with anticipation

Thai Government announces Entertainment Complex Press Briefing for Wednesday, local media buzzing with anticipation

by Andrew W Scott and Ben Blaschke
Tue 3 Jun 2025 at 06:34

Late yesterday afternoon the Thai government announced a Press Briefing would be held on the eve of the Thai Entertainment Complex Roundtable (TECR), which is being organized by Inside Asian Gaming. The Press Briefing, to be held at the Ministry...

Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower continues growth spurt as May gaming revenues hit US$30 million

by Newsdesk
Mon 2 Jun 2025 at 18:56

Lotte Tour’s Korean integrated resort, Jeju Dream Tower, appears to be on a roll with casino revenues surging yet again in May to KRW41.4 billion (US$30.1 million) – up 52.5% year-on-year and 25.8% higher than in April. Casino revenues have...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English