“We believe our strategy to diversify our business geographically and expand into new casino markets will drive revenue growth in the long run,” he wrote, according to the report.
Nagakov, Cambodia’s largest hotel, game and leisure operator, began construction of a Russian facility 24 miles north of Vladivostok , and the IR project began last year.
Primorsky Entertainment Resort City will join Tigred Crystal of Summit Ascent Holdings, which has enjoyed a monopoly since its opening.
Located in Russia’s Far East economic zone, the Primorsky Krai is considered the most potential of the country’s four designated casino game zones because it is close to the Korean and Chinese markets. According to officials, more than 200,000 visitors were welcomed by Tigress de Crystal last year, the news agency reports.
A recent report by Daiwa Securities Group Inc. on the casino operations of Summit Ascent Holdings Ltd. in the region showed that Macau had a game volume comparable to that of casinos in the early years of its rise to the top of the global gambling market.
Last year, Nagakov, who runs the Nagaworld Hotel & Entertainment Complex in Phnom Penh, Cambodia’s capital, exceeded net profit by 7%. The company reported a net profit of $184 million and its 2016 gross gaming revenue (GGR) rose 4% to $51 million last year, while non-game revenue rose 33% to $37 million, according to the news agency.