The operators of two major casinos in Russia and South Korea have joined forces to explore “potential areas of cooperation and strategic partnership.”
Summit Ascent Holdings, a company controlled by Asian gaming entrepreneur Lawrence Ho and lead developer of the Tigre de Cristal casino resort in Russia (pictured), has made the agreement with Kangwon Land in South Korea.
It includes a “possible Korean contractor and Korean project finance for phase two” of Tigre de Cristal and possible “project finance investment in phase two by Kangwon Land.”
The memorandum of understanding also covers “potential investment in future investment projects of Kangwon Land” by Summit Ascent and “other direct or cross holding investment as appropriate.”
Kangwon Land operates what is currently the only casino resort in South Korea where nationals are allowed to gamble. Tigre de Cristal is currently the only casino in operation in the Primorye Integrated Entertainment Zone, a casino development area located 30 miles from Russia’s Pacific port of Vladivostok.
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