New casino to be built in Primorsky region of Russia by South Korean Plgen Holdings

Primorsky Krai Development Corporation announced their decision to grant the project to the construction firm. This marks the first time a South Korean firm has ventured into the Primorsky gaming zone. 

According to prior indications, the territory's authorities are planning to construct eight additional casinos, with NagaCorp slated to manage the construction of the largest of these. But on March 2nd, the business put a hold on its $350 million development project "indefinitely until the circumstance is clearer." 

The new development project by Plgen Holdings is set to debut in 2025.  

"Plgen Holdings became the first resident of the Primorsky gambling zone from the Republic of Korea," said Igor Trofimov, Executive Director of the Primorsky Territory Development Corporation. We used to only work with Korean corporations on golf resort developments when we came into agreements with them.  

"We are delighted to have new international investors on board, and we have no doubt that this will be a positive continuation of the successful partnership between the Primorsky Territory and the Republic of Korea in fostering international relations and expanding tourism." 

The partners agreed to divide the project into two parts in a memorandum that was first signed in November 2021. The 100-room hotel and casino will be part of the first phase, which is scheduled to open in 2025. A second location, with more hotels and a theme park, will be added in the second phase. 

Primorsky will be home to the greatest casino resort in Asia, according to Plgen Holdings CEO Shin Il Suk. The geographical and geopolitical conditions are ideal for the growth of the tourism industry in the area.  

"In our own right, we would like to take this opportunity to thank the Primorsky Krai government for having faith in us as partners and for all of the helpful discussions and preparations that led up to the signing of this agreement." 

Russian, Hong Kong, Cambodian, and now South Korean investors have put 86 billion rubles into gambling ventures in the Primorsky area.