Hong Kong-listed NagaCorp says it expects construction of the first phase of its Russian integrated resort, Naga Vladivostok, to be completed by the end of 2020.
Providing Inside Asian Gaming with a progress update for the property, located in Russia’s Primorye gaming zone, Naga revealed that the 279-room hotel is now planned for completion towards the end of next year based on the latest contractor’s schedule. The company has yet to set a firm opening date for Naga Vladivostok but had stated in its recent 2018 financial results announcement that the casino “remains broadly on schedule for completion in 2019.”
The 592,000-square foot development, which will include a 21,500-square foot multi-purpose hall, will be followed by a second phase due for completion in 2022 featuring an outdoor pool and water park.
Detailing ongoing development works, Naga said that works had been slowed by excavation for archeological works on the site, with around 40% of the affected area now completed.
More broadly, Naga added that all piling and substructure works were finished while 30% to 40% of super-structural works were also complete.
The Hotel Tower Block is completed up to Level 3 of 11 total levels and the Casino Podium up to 50% of Level 1. There will be a total of four Casino Podium levels. The ballroom is also completed up to Level 1 of three levels.
NagaCorp’s Russian update comes after the only Primorye IR already in operation, Summit Ascent’s Tigre de Cristal, revealed this week that it was hoping to launch Phase II in the “summer of 2021.”