Primorsky entertainment resort planned by NagaCorp in Vladivostok Phnom Penh-based hotel, gaming and leisure company NagaCorp, operator of Cambodia’s largest hotel and gaming resort NagaWorld, said it would indefinitely halt its $350 million gaming operation in the eastern Russian city of Vladivostok and resort development projects, the reason is around the project. The Hong Kong-listed company, which is controlled by Chinese-Malaysian businessman Chen Liqiang, said in a filing to the exchange late March 3 that it was “in the middle of the group’s gaming and resort project in Vladivostok, Russia. face various uncertainties”, so “hope to call…
Phnom Penh-based hotel, gaming and leisure company NagaCorp, operator of Cambodia’s largest hotel and gaming resort NagaWorld, said it would indefinitely halt its $350 million gaming operation in the eastern Russian city of Vladivostok and resort development projects, the reason is around the project.
The Hong Kong-listed company, which is controlled by Chinese-Malaysian businessman Chen Liqiang, said in a filing to the exchange late March 3 that it was “in the middle of the group’s gaming and resort project in Vladivostok, Russia. face various uncertainties” and therefore “hopes to invoke the force majeure clause set out in the investment agreement and suspend its performance under that agreement.”
NagaWorld said it would “suspend development of the project indefinitely until the situation becomes clearer”. The company’s shares fell more than 8% in the following session.
The impact of Russia’s invasion of Ukraine on tourism
No reason for invoking the force majeure clause is given in the document, although it is almost certainly related to Russia’s invasion of Ukraine, and it is uncertain how this will affect domestic and foreign tourism in the near future.
The casino resort in Vladivostok is Phnom Penh’s second such project after Phnom Penh Phnom Penh. The “Primary Region Entertainment Resort City” signed an investment agreement in 2013 and started construction in 2016. It is initially planned to be completed and put into operation in 2022.
Located on Russia’s Pacific coast west of Vladivostok, overlooking the city bay, the resort is planned to include 2,000 hotel rooms and residences, the development also includes a total of 60,000 square meters of theater, spa, water park, retail, food And in addition to the playground with 100 tables and 500 machines, there is also a drink shop. In the long run, the project should develop into an “integrated entertainment district” and an “international integrated community of not less than 20,000 people”.
