With a free zone opened to gambling and casinos, Vladivostok hopes to become a new Las Vegas for Northeast Asia, due to its close proximity to Northern China, Japan and Seoul.
VLADIVOSTOK- OJSC Nash Dom Primorye, a wholly owned government corporation of the Primorsky Territory government of Russia, has issued a Request for Concepts (RFC) process inviting global investors to develop integrated resorts with casino gaming components, at its Integrated Entertainment Zone (IEZ). Aspiring investors can apply until September 21 on the Primorye website.
The IEZ aims to capitalize upon the significant economic growth of Asia’s economies. First announced in 2010, the zone is planned along the Bay of Muravyinaya, about 20 km from the new Vladivostok International Airport and about 50 km north of the city. It is one of four designated zones in Russia that will allow legalized casino gaming activity. It is the only zone with direct access to Asia and is only a 2-hour flight from both Seoul and Tokyo. Vladivostok will host the 2012 Asia-Pacific Economic Cooperation (APEC) Summit later this September.
General Director of Nash Dom Primorye, Marina Lomakina, stated, “The RFC process will streamline communication, allowing more structured and transparent exchanges with global investors. While casino gaming is legal in the zone, we are looking for concepts that focus on tourism development. Every effort is being made to ensure that global investors are confident in the business environment of Primorye. We look forward to receiving RFC responses that capitalize upon Vladivostok’s strong connections to Asia.” The expected initial investment would represent US$ two billion for the first phase of the project.
Nash Dom Primorye will manage the RFC process and has designated world-recognized public policy advisors Galaviz & Company LLC to assist in providing guidance on global best practices. The process will be transparent, structured and follow international best practices, aligned with the Russian government’s aim to boost foreign tourism and economic development in the Far East Region.
“We believe the IEZ will create a compelling experience for Asian tourists seeking a destination that is near, but culturally different. We also believe that investors will be interested in the tourism and casino gaming potential of the IEZ,” added Ms. Lomakina. The IEZ could be completed by 2017 and welcome two million tourists per year and then turn into Northeast Asia new gambling gateway.
Luc Citrinot a French national is a freelance journalist and consultant in tourism and air transport with over 20 years experience. Based in Paris and Bangkok, he works for various travel and air transport trade publications in Europe and Asia.
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