NagaCorp suspends Russia project ‘indefinitely’

NagaCorp said it wants to indefinitely suspend its plans to build an integrated resort in Russia’s Primorye gambling zone, as it is “surrounded by various uncertainties.”

The Hong Kong-listed operator of Cambodia’s NagaWorld said it wants to invoke a “force majeure” clause in its investment agreement in the best interests of group and its shareholders.

NagaCorp did not give further details in its statement, which comes a week after Russia’s invasion of Ukraine and the subsequent imposition of crippling sanctions on Moscow.

The sanctions imposed by the US and western nations centre on isolating Russia and its banks from the international financial and payment systems, as well as personally targeting President Vladimir Putin and the country’s oligarchs.

Source: Asia Gaming Brief