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NagaCorp indefinitely suspends development of Vladivostok casino

Ben Blaschke by Ben Blaschke
Fri 4 Mar 2022 at 05:03
Russian Revolution

An artist’s impression of NagaCorp’s Primorye IR, designed by Steelman Partners.

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NagaCorp, owner and operator of Cambodia’s NagaWorld in Phnom Penh, has announced the indefinite suspension of its gaming and resort development in Vladivostok, Russia.

In an update to shareholders, NagaCorp said overnight that it faces “various uncertainties in respect of the Group’s gaming and resort project in Vladivostok, Russia” and would therefore “like to invoke the force majeure clause set out in the investment agreement and suspend its performance thereunder.”

As a result, the company will “suspend the development of the project indefinitely until the circumstance is clearer.”

NagaCorp’s update does not outline the reasons for invoking the force majeure although it is almost certainly linked to Russia’s invasion of Ukraine and uncertainty over how this will impact tourism in the near future.

The Naga Vladivostok project was one of two casino resorts due to open in the Primorye Economic Zone near Vladivostok in 2022, alongside Diamond Fortune Holdings’ Imperial resort. They were to join the two casinos already in operation – Tigre de Cristal and Shambhala – as part of a local IR cluster.

Designed by Steelman Partners, NagaCorp’s development is planned to include a casino and concert hall within an 11-storey hotel complex, plus a water park.

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Tags: casinoforce majeureintegrated resortNaga VladivostokNagaCorpPrimorye Economic ZoneRussiaVladivostok
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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