Economic woes fail to dampen enthusiasm for Russia’s Far East

    Published in: Latest IntelligenceRussia’s crashing ruble, falling oil prices and an almost doubling in capital outflows, have done little to dampen enthusiasm for two upcoming casino projects in Russia’s Far East, with experts saying the current economic woes will have little impact on their longer-term viability.The First Gambling Company of the East is scheduled to its casino in Primorye in May 2015, while Hong Kong-listed Summit Ascent Holdings is also aiming for the “second quarter” of next year. NagaCorp is also pushing ahead with its plans. The First Gambling Company of the East had originally planned to open its resort in the Primorye Integrated Entertainment Zone (IEZ) in the first quarter of 2013. The company says its Tiger de Cristal entertainment complex, including a casino and hotel with 120 rooms, will be “the largest of its kind in Russia.”Despite the delays, the project now appears to be on track, with...

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