NagaCorp, owner and operator of Cambodia’s NagaWorld in Phnom Penh, has announced the indefinite suspension of its gaming and resort development in Vladivostok, Russia.
In an update to shareholders, NagaCorp said overnight that it faces “various uncertainties in respect of the Group’s gaming and resort project in Vladivostok, Russia” and would therefore “like to invoke the force majeure clause set out in the investment agreement and suspend its performance thereunder.”
As a result, the company will “suspend the development of the project indefinitely until the circumstance is clearer.”
NagaCorp’s update does not outline the reasons for invoking the force majeure although it is almost certainly linked to Russia’s invasion of Ukraine and uncertainty over how this will impact tourism in the near future.
The Naga Vladivostok project was one of two casino resorts due to open in the Primorye Economic Zone near Vladivostok in 2022, alongside Diamond Fortune Holdings’ Imperial resort. They were to join the two casinos already in operation – Tigre de Cristal and Shambhala – as part of a local IR cluster.
Designed by Steelman Partners, NagaCorp’s development is planned to include a casino and concert hall within an 11-storey hotel complex, plus a water park.
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