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Russia's Tourism Sector To Be Driven By Leisure-Oriented Real Estate Development
Globalysis Ltd, Aug 2008, Pages: 6
The research report provides a macro perspective of Russia's travel and leisure sector. The author sees the airline, hotel and casino gaming industries strategically converging in Russia over the coming year, which will likely lead to enhanced tourism demand.
Dr. Stuart Mann, Partner at Globalysis Ltd. stated, 'The opportunity for the development of leisure-oriented real estate in Russia's key cities is significant. Russia continues to benefit from a relatively strong domestic macroeconomic situation while translating investments into tourism infrastructure. In addition, the establishment of regional casino gaming zones in Russia could ultimately attract the development of large-scale integrated resort projects, resulting in additional tourism value drivers.'
The following are some industry highlights of the Russia outlook:
Hotel Industry: Hotel Revenue per Available Room (RevPAR) for Moscow should grow significantly, surpassing EUR224 (USD$350) in 2008, achieving a 14.9% increase in hotel RevPAR over 2007 performance. Russia's commercial real estate pricing will indirectly impact the opportunity to further develop hotels in key cities such as Moscow and St. Petersburg.
Casino Gaming: On July 1, 2009 legislation dictating the new casino gaming industry structure of Russia will take effect. The four designated development zones of Russia's casino gaming industry will likely alter the landscape of tourism driven casino integrated resort development over the next five years. The author identifies the Vladivostok (eastern Russia) zone as the most promising opportunity due to its close proximity to key Asian countries.
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