Chinese investors: Beacon of hope for Russia’s ‘Vegas’?

    Published in: Latest Intelligence Two companies backed by Macau’s Lawrence Ho have entered into an agreement to develop a casino in Russia’s Far East that hopes to attract gamblers from northern China, but analysts say big questions remain about the project’s viability  According to Hong Kong stock exchange filings, Summit Ascent Holdings Ltd will acquire a 46% stake in a Russian company that holds a 50% share in a venture with a gaming license and leases on two lots of land in the Primorye Integrated Entertainment Zone, an area near Vladivostok that has been earmarked for casino development. Melco International Development, the Macau casino operator controlled by Ho, plans to acquire a 5% stake in the Russian company, which is calledOriental Regent. Ho has also been appointed chairman of Summit and owns 37% of the company. Since 2007, gambling has been banned across Russia except in four specific zones: Azov (Krasnodar), Yantarnaya (Kaliningrad),...

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