The bidding documents will be amended with regard to duration of projects. Governor Georgy Boos insisted on the need to specify the construction completion time in the Terms of Reference, which will also be included in contracts with investors. “The ToR should clearly define the timeframe for construction and the procedure of land withdrawal in case of the terms violation. It is important to avoid unending construction projects”, he said. “The second reason to postpone the auction is giving more time to potential investors for exploring the prospects for the development of transport and engineering infrastructure”, the head of the region added.

As we know, the land auction was originally scheduled for 31 July. The regional government put up to auction two land lots in the recreation and gambling area of 7,3 hectares and 27,3 hectares respectively. The first project is about constructing a hotel with casino, the second one is an entertainment centre with a gaming component. The Government expect that these projects will bring about 120 million roubles to the region. According to the Government’s estimate the “Yantarnaya” Special Gambling Zone including 15 casinos and 21 hotels will attract investments of some 600 billion roubles. The total area of the future recreation zone on the Russia's Baltic coast will be about 480 hectares.