LET Group Holdings will hold a shareholder meeting next month in a move to dispose of its Tigre de Cristal resort in Russia. Among other factors, LET is concerned about sanctions related to the Ukraine war.
In 2015, Tigre de Cristal became the first Russian casino resort in the Primorye integrated entertainment zone (PIEZ) near Vladivostok.
Developed by Melco Resorts and Entertainment, the €158.6m (£133.2m/$172m) resort was to be first in a cluster of 11 casinos planned for the vicinity by 2023. The idea was to create a mini Las Vegas in the Russian far east.
In a 2012 feasibility study, Global Market Advisors estimated gaming revenues could reach €46bn within a decade.
