MACAU, May 25, 2012 /PRNewswire/ -- OJSC Nash Dom Primorye, a wholly owned government corporation of the Primorsky Territory government of the Russian Federation, today announced its Notice of Intent (NOI) to issue a Request for Concepts (RFC) for its newly designated Integrated Entertainment Zone (IEZ) located in the Vladivostok area of Primorsky. The IEZ is one of only four designated zones in the Russian Federation that will allow legalized casino gaming activity; the IEZ is the only zone with direct access to the Asia market.
The announcement took place at the Global Gaming Expo – Asia (G2E Asia) conference held in Macau this week. Vladivostok, Russia is only a 2-hour flight from both Seoul and Tokyo. The Asian Pacific Economic Cooperation Summit (APEC) 2012 will be held in Vladivostok later this September, in which the heads of state of many Asia Pacific countries will be present.
A website portal (http://www.iezprimorye.com/) has been launched to allow private companies and investors to submit their concepts to develop multiple integrated resorts at the IEZ. Aspiring investors will have 60 days to submit their concepts from the day the RFC is officially issued. OJSC Nash Dom Primorye will be managing the RFC process and has designated world-recognized independent advisors Galaviz & Company LLC to assist in providing strategic guidance on global best practices. It is envisioned that the RFC process will be transparent, structured, and follow international best practices.
Strategically aligned with the Russian government's call for transparency and targeted increases for private sector investment, the RFC process is a part of Primorsky Territory's aim to boost foreign tourism and economic development in the region over the coming decade. The IEZ aims to capitalize upon the significant economic growth on Asia's economies and to create a dynamic cultural experience for tourists. The zone is located approximately 20km from the new Vladivostok International Airport and approximately 50km away from the city.
Speaking at a press conference, General Director of Nash Dom Primorye, Ms. Marina Lomakina, stated, "Over the next five years, the Russian Federation will continue to have a strong strategic interest in the economic development of the Far East region. Our view is that the tourism sector is a strategic economic opportunity that has yet to be fully developed. We believe the IEZ will create a compelling experience for Asian tourists seeking a destination that is near, but culturally different. At the same time, we believe that the private sector will be interested in the tourism and casino gaming potential of the IEZ."
Referencing Singapore and Las Vegas' models for integrated entertainment, Ms. Lomakina added, "The announcement to issue a Request for Concepts comes at a timely occasion. By rolling out our strategic plans and economic goals today, Nash Dom hopes to attract corporations who possess the capability, creativity and passion to develop multiple integrated resorts in a specific geographic zone. We look forward to reviewing RFC responses in the coming months."
OJSC Nash Dom Primorye is a state owned company. One of its top-priority activities is the development of construction projects. The company was established in 2002. In 2009, it was appointed to manage the construction of two Hyatt Hotel complexes in Vladivostok in preparation for the 2012 APEC Summit. Another socially important business of the company is mortgage lending. For more than nine years the company has been an authorized party in the mortgage lending system and acting as a regional mortgage-lending operator of the OJSC Agency for House Mortgage Lending in Primorsky Region. Visit www.iezprimorye.com.
Galaviz & Company LLC is a world recognized economics and strategy consulting firm that advises private equity firms, hedge funds, governments and Fortune 500 companies on economic development and government relations. The firm provides clients strategic guidance, economic feasibility reports and manages procurement processes for governments seeking to maximize private investment in their countries. Galaviz & Company LLC is also a leading strategic advisor to corporate boards of Fortune 500 companies in the hospitality, casino gaming, and technology industries. Visit www.galaviz.com
G2E Asia, held from the 22nd to 24th May at the Venetian Macau, brought together industry players and leading gaming experts to learn share the latest trends and exchange innovative ideas that are shaping the global gaming industry of today and the future. For more information, visit http://www.g2easia.com/.
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SOURCE OJSC Nash Dom Primorye