Summit Ascent Holdings Ltd has announced it has entered into a non-binding agreement with Kangwon Land Inc for “potential areas of cooperation and strategic partnership”.
The deal includes a “possible Korean contractor and Korean project finance for phase two” of Tigre de Cristal, as well as “project finance investment in phase two by Kangwon Land.”
Summit Ascent Holdings is the developer of the Tigre de Cristal casino resort. The casino officially opened in the Primorye Gambling zone in Russia’s Far East, a month after its test launch on October 8, 2015.
The MOU also covers opportunities for Summit Ascent Holdings to get involved in future investment projects of Kangwon land, as well as for Kangwon Land to potentially operate one of Summit Ascent’s hotels in phase two of Tigre de Cristal.
Other areas covered in the MOU include a training exchange program, a mutual marketing program, and cooperation on a “joint or sole golf course, clubhouse, and sporting club development; and duty free shopping in phase two” of Tigre de Cristal.