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Ida Group Holdings, one of Japan's largest housing development companies, may reportedly be seeking to build a resort on Ruski Island, located near the city of Vladivostok. Vladivostok is located in the gambling district of the Russian Maritime Province.

Sergei Khachaev, the vice minister of development, was quoted as saying that the Japanese company was interested in building a resort that would house residential complexes, golf courses and nearby ski resorts.

An anonymous source said they are ready to invest between $380 million and $450 million and expect to recoup this in five to seven years. A quick return on investment could indicate that casinos are part of the plan.

There is no confirmation with Iida about this plan. The company announced that it will open an office in Russia.

Ruski Island has been a military base since the time of the tsars. As a reward for the 2012 Asia-Pacific Economic Cooperation (APEC) summit, the island became more accessible after the bridge connecting the mainland was built.

Asian investments are now targeting Russia's Primorsky region, where Asian investors and governments have signed a $1.4 billion contract to build a game zone near Vladivostok, with a $2.2 billion hotel casino complex and a yacht club.

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