Macau Casino Mogul Invests in Future Russian CasinoPublished July 24, 2013 by OCR Editor
The Macau casino mogul Lawrence Ho invests $500 million in the establishment of a new Russian casino.
Summit Ascent Holdings Ltd., a company controlled by the Macau casino mogul Lawrence Ho, is set to operate a new casino in Russia. The casino, which be built in the in the outskirts of Vladivostok, is planned to be opened in the second half of next year.
A two and a half hour flight from Beijing, Vladivostok is known for its heavy industry and prosperous fish processing. The region belongs to one of the four areas which were given permission by the Russian government in 2009 to harbor legal casino businesses, deemed an "Integrated Entertainment Zone". The company is also said to be involved in the investing of another gambling-hotel resort in the area.
Not a Big Risk
Some analysts tried to pacify the excitement that accompanied news of the investment, saying that Lawrence Ho's investment is not a risky one. Primorye, the province in which Vladivostok is based, has a low tax rate also due to its proximity to northeast China. The total sum of the investment in the new Russian casino is said to be about $500 million; a very small amount of money compared to the billions thrown on the luxurious resorts of Macau.
Online Gambling in Russia
What are the effects of this move on Russian gambling only time will tell, but meanwhile, don't forget that you can still play in Russian online casinos. You can visit Euro Grand or perhaps Golden Riviera for a top of the line Russian online casino experience.