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."
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