Websites are ablaze with the news of Summit Ascent Holdings from April 24, 2015. According to the Melco International CEO Lawrence Ho the resort casino in Primorye, Russia is almost complete. Mr. Ho backs Summit Ascent Holdings. The company has announced that construction of the Russian Federation resort is almost done. Summit Ascent Holdings has been actively involved in the process from construction to staffing including the execution of the business plan. The company also gained an additional 14% equity share in 2014.
The casino and resort is located in the Primorsky Krai gambling zone near Vladivostok?(pictured) – in?close proximity to Heilongjiang, Liaoning, and Jilian provinces of Northeastern China. It is also easily accessible from?South Korea and Japan. The placement of the casino is meant to attract the gamblers from?these different locations as well as the rest of Asia.
Part of the attraction will be the “favorable tax environment” according to the company. Gaming activity is friendlier in this region, allowing for the first and currently the only legitimate casino operating in this area of Russia near the Chinese border. Since it?will be the first?casino in the region that is legal the company and investors involved feel it will make money.
The casino plans allow for 25 VIP gaming tables, 800 slots, and 15 baccarat tables. The hotel will have 119 hotel rooms.
In a media statement Ho stated the project is set to open in mid-July after a delay. Originally the plan was for the casino to open at the end of April, and then May.