Russian investor opts out of Primorye

A fifth investor in the Primorye gambling zone, Khayna Yunli Company, has reportedly withdrawn from its project and paid a penalty to the local development authority, Betting Business Russia reports.

It is understood the company has paid the Primorye Territory Development Corporation a compensation of RUB100 million (US$1.8 million) for a no-show at the construction site in Primorye.

“The Khayna Yunli Company is not an investor, the investment agreement was not signed with it. The company paid RUB100 million in compensation for non-show at the site,” the corporation’s press service was quoted as saying.

It is understood that the money will be used to build infrastructure facilities in the gambling zone.

Khayna Yunli Company was registered in Vladivostok in November 2015 just before an auction for the right to conclude a sublease agreement for a part of the land lot with a total area of 216,703 square metres.

The Primorsky Territory Development Corporation then said in its protocol that Khayna Yunli became the fifth resident of Primorye, with its bid amounting to RUB1.5 billion.