Sanctions halt NagaCorp in Russia, sell-off poss: Daiwa

“Sanctions led to suspension of the Russia project” for Hong Kong-listed casino group NagaCorp Ltd, said a Tuesday note from Terry Ng, an analyst at Daiwa Capital Markets Hong Kong Ltd, citing commentary from management, and referring to financial action by a raft of countries against the Russian Federation.

The note did not specifically mention Russia’s military invasion of Ukraine. But Daiwa added NagaCorp might now try to dispose of its Russia venture.

“Management commented that the new round of sanctions affects Naga[Corp]’s ability to continue funding the project,” a casino complex near the Russian Pacific port of Vladivostok, Mr Ng noted.

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