New Visa System of Russia to Enhance Revenue for Tigre De Cristal

TIGRE DE CRISTALThe new visa on arrival system of Russia is going to provide a boost to the revenues of Summit Ascent Holdings Ltd. This company is the operator of the Tigre De Cristal casino resort which is located inside Primorye Integrated Entertainment (IEZ) in the near vicinity of Vladivostok port city.

Daiwa Securities Group Inc which is a brokerage firm has speculated in a report there will be a massive inflow of tourists from China to Tigre De Cristal casino because of the introduction of electronic visa.

The analyst at the brokerage firm further pointed out that people from China have to face some different restrictions in visiting neighbouring Macau which is not the case with Russia.

Summit Ascent is a holding company and is situated in Hong Kong. It is controlled by Lawrence Ho Yau Lung who is a gaming tycoon. The Tigre casino resort is the only gaming property that is operational at the moment in Primorye; which is a dedicated zone for the casino properties.

Tigre De Cristal

The analysts from Daiwa Securities Group made the following statement:

The previously cumbersome visa regime was among the leading bottlenecks towards Summit Ascent’s development of its Chinese gaming business. In the longer run, we continue to hold the view that such developments will help drive the underserved and underpenetrated Northern Chinese provinces that are well within Summit Ascent’s Tigre de Cristal catchment area.

Under the new visa system, tourists from 18 different countries that include Japan and China entering through the seaports and airport of Vladivostok will be able to obtain a visa on their arrival. However, the visa will be provided only when the tourist have filled an online application form for the same at least four days before their arrival.

The announcement in this regard is available on the official website of Primorsky Krai Development Corp which is a government authority operating the casino zone. The visa entry for a single person is free of cost and has a validity period of 30 days. This allows the tourists to stay for continuously eight days. Daiwa has clarified that the approval process hardly takes few hours to process.

According to the analysts, the new process has a significant improvement over the previous one, where tourists from China arrival could enter Vladivostok through different tour groups up to a maximum of 100 people without a visa. The last process was time-consuming and cumbersome where a large number of documents was required with extra cost and proper coordination from the travel agencies.

The Tigre de Cristal will be the only casino in the Primorye zone till 2019 and will receive a significant amount of benefit from the new visa change process. NagaCorp Ltd is working for the development of a second casino which is likely to be opened in the early months of 2019 while two other projects have just started construction. As per the earlier report from Daiwa, Vladivostok’s gaming revenue might hit a figure of $150 million by the end of 2017 and will reach more than $1.3 billion in 2020.

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