Casino developer and operator Nagakov said it would “suspend” development of its gaming resort in Vladivostok, Russia’s far east. Construction work would be suspended indefinitely “until the situation becomes clearer,” it said in a filing on Thursday.

Nagakov said the casino resort project (file photo) was “surrounded by a range of uncertainties.” Therefore, “the company wants to invoke the force majeure provisions set out in the investment agreement and stop performing accordingly,” he added. 슬롯사이트

The company said the decision was “in the interests of the company and its shareholders.” It said it would make further announcements “when appropriate.”

The Hong Kong-listed company had planned to invest around $350 million to build casinos, hotels and showrooms in Russia’s Maritime Province, which shares borders with China and North Korea. The first step in the plan was to have a four-star hotel with 279 rooms in addition to casinos.

Since 2013, many tentative deadlines have been set for the completion of the Russian plan, then revised by nagakov. The company held a groundbreaking ceremony on its Primorsky Krai site in May 2015.

In February this year, Nagakov said project construction was underway in Russia.

“The construction of the hotel tower block structure is complete. The contractor is building a roof slab for the casino podium and ballroom construction has reached Level 1,” it said in an annual report released last month. It also said it expects to carry out mechanical, electrical, plumbing and construction work as well as ̧ Aid construction this year.

In Thursday’s announcement, Nagakov did not mention Russia’s invasion of Ukraine as a reason to halt the project in Vladivostok.

But as governments around the world respond to the Ukraine crisis with sanctions against the Russian regime, more companies are taking steps to limit their business exposure to Russia.

Nagakov’s project was to be part of the Maritime Integrated Entertainment Zone (IEZ), a casino development area 50 km (31 miles) from Vladivostok.

There are currently two casinos operating in the area. Hong Kong-listed Summit Ascent Holdings Ltd operates Tigre de Crystal, the first casino resort that opened in Primorsky Krai. Shambala Casino Resort, run by a company called Shambala CJSC, opened there for the second time.