Russian firms will build a $700-million gambling and entertainment zone in the Primorye region with help from a large Chinese casino operator.
Melco — a company based in Macao, China — and the region's administration signed an agreement at the Far East Investment Congress, the administration said on its website Friday.
The Primorye entertainment complex will have a casino with about 800 gaming machines, 24 VIP and 40 regular tables, as well as a hotel with 110 rooms, Vedomosti reported.
During the first phase, $130 million will be invested. Chinese companies Summit Ascent and New Crescent will invest $66.3 million, while $24.7 million will come from a Taiwanese company, Firich. A Russian company, Pervaya Igrovaya Kompania Vostoka, will contribute $39 million to the project.
The project's partners already invested $70 million into the gambling zone as the first installment of the payments, Oleg Drozdov, a member of the Russian company's board of directors, told RIA Novosti.