The First Vice Governor of Primorsky Territory, Vera Shcherbina, says the impending launch of Shambhala – the second casino to open in the Primorye Gambling Zone near Vladivostok, Russia – will see tax revenues double this year to around RUB200 million (US$2.72 million).
Providing an update on progress on the development of casino and entertainment infrastructure in the region after officials toured the site last week, the Primorye Development Corporation said Shambhala will open “in the very near future” with an expectation that it will immediately boost the tax flow from gambling to the regional budget.
“If last year about RUB100 million (US$1.36 million) came to the budget of the Primorsky Territory, then this year it will be more than RUB200 million,” Shcherbina said.
“We expect that by 2025 the amount of tax revenues will be about RUB2.5 billion (US$34 million), and after the project reaches full capacity, in the long term, about RUB4.5 billion (US$61.2 million).”
The Primorye Gambling Zone is seen as a vital piece of infrastructure in the long-term development of the region as it looks to attract international investors, with local and national government departments set to contribute around RUB5.6 billion (US$76.2 million) worth of infrastructure by the time it is complete.
Shambhala will represent the second major casino operation to open in the region following the launch of Tigre de Cristal in 2015, while NagaCorp and Diamond Fortune are also involved in ongoing developments.
The General Director of Shambhala CJSC, Maxim Smolentsev, stated this week that his company’s casino project was seen as a highly promising long-term objective.
“The land works on the construction site alone cost us RUB500 million (US$6.8 million), but now probably no one will believe there was a high hill on the site of the casino,” he said.
“Such a project was not worth starting if you live one day, but we have a development plan for the next 10 years. We see the Primorye Gambling Zone as a large resort that will attract tourists from many countries of the world.”
Smolentsev didn’t provide a specific date for the opening, however, which had been previously slated for July.
When it does launch, Shambhala will feature a range of hotels, restaurants and bars, a golf course, amusement park, water park, diving club and other family and sports recreation facilities.
Konstantin Shestakov, Director of Primorsky Territory’s Tourism Department, said authorities were also making solid progress on infrastructure work.
“All the tasks that the authorities faced with regard to the implementation of the gambling zone project at this stage – water supply, sewerage, electricity – have been completed in many areas in full,” he said.
“Road infrastructure more than 85%. We are confident that by the time the new casino opens, all the facilities for which Primorsky Krai was responsible will be ready.”
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