FTG, BF Global Partner for $1.5B Casino Site

BOROBAYE LAKE, KAZAKHSTAN-FTG Development, based in Istanbul, and BF Global, based in the national capital here of Astana, have broken ground on a $1.5-billion casino and hotel project to be called Borobaye Lakes Resort. The 2,500-acre property, at Borobaye Lake, is expected to have six hotels, six casinos, two golf courses and other recreational activities.

Grant Leisure, based in Montecito, CA, is providing the consulting to the joint venture for the project. Andy Grant says the initial phase of the project will include two premium hotels and casinos, and about 750 private residences. “It’s very beautiful there, it looks like Lake Tahoe,” he says.

He says the government has invested more than $1 billion in infrastructure for the area, in hopes of attracting visitors. The government has moved the casinos away from the inner cities, Grant says. “In Eastern Bloc countries, you have the problems with the inner-city crime and the mafia,” he tells GlobeSt.com. “The city casinos were all eliminated to give the rights to major developments, one in the north and this one in the south, in order to increase tourism.” The site is about two and a half hours south of Astana, the capitol.