Primorsky Territory Development Corporation OJSC, which represents the interests of the regional administration, has terminated the contract in court with the investor of the local gambling zone, the Royal Time Primorye LLC, a subsidiary of the Kazan Royal Time Group.
According to Vladimir Miklushevsky, the Governor of the region, the reason for the breakdown of partnership relations was the investor’s failure to fulfill the terms of the contract.
“We have terminated the contract with the Royal Time Primorye because the company failed to meet the investment terms. During the time allotted to the schedule, the company did not invest a penny”, the official said.
the region authorities will repeatedly auction the plots that previously were at the disposal of the Royal Time Primorye, with a total area of 151 thousand m², in the near future. And the price for them will be much higher than previously, as Tigre de Cristal casino is already successfully operating in the gambling zone.
According to the agreement reached in 2015, Royal Time Primorje LLC was supposed to put into operation Phoenix, an integrated resort, investing at least $ 215 million. The end of the first stage of construction was scheduled for November 2017. The second and third stages were to be completed in June 2019 and in December 2021 respectively.