Melco International Development and Summit Ascent Holdings bought a combined 51% stake in a holding company that will develop two casino-resorts near Vladivostok, Russia.
Bloomberg Businessweek reported that Melco International will pay US$980,392 for 5% while Summit Ascent will pay US$9.02 million for 46% of Oriental Regent. The remainder will be controlled by Elegant City Group, which is owned by Oleg Drozdov. Summit Ascent and Melco International Development are controlled by Lawrence Ho, the son of Macau gaming magnate Stanley Ho.
Oriental Regent plans to develop a 119-room casino-resort set to open in the summer of 2014 and a separate casino-resort with two hotels totaling 500 guestrooms. The total investment in both casino-resorts, to be located in the Primorye Integrated Entertainment Zone development, is expected to be US$630 million.