Russia’s far east gaming zone plans to develop a horseracing business in a bid to attract race betting tourists to the geographically isolated Primorye region outside Vladivostok.

This week, the state-owned Development Corporation of the Primorsky Territory announced that it had granted resident status to Primorsky Hippodrome JSC, which plans to team with Russian Hippodromes JSC on a “multi-purpose investment project” to develop the local racing industry.

The project, which carries an estimated total price tag of RUB 2.4b (US $41.5m), includes two racing tracks, a 250-room hotel and other entertainment options. The project’s design is expected to be finalized by next spring, with principal construction finished by 2020 and an official launch by May 2021.

The project is the latest plank in the local government’s bid to boost tourism to the region, which hopes to establish itself as a leading gaming destination in the already crowded Asia-Pacific casino market.