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MAJOR NEW LAND CASINO FOR RUSSIA

Friday October 9,2015 :  MAJOR NEW LAND CASINO FOR RUSSIA
 
After several delays, Summit Ascent’s Tigre de Cristal resort opens its doors.
 
It's been a bumpy road strewn with delays, but Summit Ascent’s Tigre de Cristal casino resort has launched in the Russian Primorye gaming zone to considerable local fanfare, and looks set to succeed - some say to Macau proportions.
 
The Moscow Times reports that the Far East Russian resort opened Thursday night, with executives pointing out that the venue is within 3 hours flying time from nearby Vladivostok to an Asian market populated by 300 million people, giving it significant potential.
 
The resort is the largest in Russia, a local government statement claims, and will create new jobs and boost the development of tourism and economic growth in the region.
 
The Primorye gambling zone is also expected to deliver more than a billion rubles ($16 million) in taxes to Primorye government coffers.
 
The region is one of six decreed as gambling zones in 2009, when the Russian federal government banned gambling anywhere else in the country. Just two of the six zones - Azov-City in Russia's Krasnodar region and Siberian Coin in the Altai region - have managed to turn their special status into money-making entertainment complexes.
 
The closeness of the Primorye zone to the Asian markets has helped it to attract major Asian investors such as Melco and the Malaysia’s NagaCorp Ltd. The key investors in the project also include local Royal Time Primorye and Diamond Fortune Holdings Prim.
 
In addition to the casino, the gambling zone's 620 hectares will host 15 hotels, 12 guest villas, a yacht club, a multifunctional trade and exhibition centre, and several cinemas by 2022, the government statement reveals.
 
Four investment contracts worth 108 billion rubles ($1.75 billion) have been signed so far, the statement added.
 
The full opening of Tigre de Cristal casino will take place on November 12. Tigre de Cristal club cards have already been purchased by 9,000 people, and 300 members of staff have been trained to work in the casino.
 
The new casino's owner, G1 Entertainment, and its parent company Melco International Development Limited, have already created similar projects in Macao.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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