Macau casino scion Lawrence Ho bets big on venture in Vladivostok
Macau casino scion's venture in Russian far east banks on attracting high-rollers from North Asia, betting on first-mover advantage
Casino scion Lawrence Ho Yau-lung is no stranger to games of chance and, like his father - the former overlord of Macau gaming Stanley Ho Hung-sun - knows that the house always wins.
However, as Macau gaming experiences one of its most testing periods ever thanks to the combined effects of President Xi Jinping's anti-corruption crackdown and an economic slowdown on the mainland, Ho junior is making a big move into a gambling venture in a city with a wild-west reputation at least on a par with Macau's.
Lawrence Ho and other investors in his Hong Kong-listed Summit Ascent Holdings are placing their bet on frontier port city Vladivostok in Russia's freezing far east.
They are the first among a number of groups to open an integrated resort in the Primorye Integrated Entertainment Zone on the outskirts of the city.
The emerging casino zone is Russia's attempt to attract gamblers from North Asia who would otherwise balk at the extended flying times to Macau or the new casino resorts in the Philippines.
And while convenience is among its major drawing cards for an estimated 400 million people within a two-hour flight radius, Russia is also hoping to showcase some of its own unique selling points - from winter sports to the rich architectural history of Vladivostok.
The push to develop the 600-hectare site has the full backing of Russian President Vladimir Putin. He thinks it can help forge closer ties with China and kick-start growth in an underdeveloped and remote region.