Банкеръ Weekly

Briefs

MG CORPORATION TO INVEST IN ST. ELLIAS TILL 2004

The first stage of the construction of the yacht harbour at St. Ellias resort, owned by MG Corporation, was completed by building the hotels Dolphin Marina and Rubin-2. The yacht harbour itself will be ready in 2004 and EUR13MN will be invested till its official commissioning, Nelly Sandalska, Executive Director of Bulgaria's tour operator Balkantourist (also owned by MG Corporation), specified. The harbour will have a hangar where 100 luxury boats could be kept in winter, a repair shop, a facility for refueling with gas and recharging with electricity, a customs-house and a border check-point. A total of 2,850 holiday-makers (the resort has 3,000 beds) are staying at St. Ellias now.On Saturday (July 27) the 4-star Paradise Beach holiday village, situated 5 km away from Sunny Beach resort, was officially opened. The complex is located near the famous Robinson beach, which was earlier taken on concession by MG Corporation. MG's President Iliya Pavlov did not specify the amount of the investments in the holiday village, but mentioned that more money will be spent, chiefly in completing the construction of infrastructure and grassing. The holiday village itself was completed within six months (construction started in the beginning of the year). Minstroy Holding was the main building contractor; GUSV, Glavbolgarstroy, and other local private companies were subcontractors. Paradise Beach has 800 beds in trim 2- and 3-storey villas.MG Corporation expects a 30% growth in the number of vacationers in its seaside resorts this summer, up from 69,000 last year. We won't allow the introduced VAT on the tourist packages sold abroad to have a negative impact on the number of holiday-makers, even if we might have to give up part of the profit, Nelly Sandalska commented for the BANKER weekly. In the presence of Dimitar Hadjinikolov, Deputy Minister of Economy reponsible for tourism, Ms. Sandalska placed a proposal that the Government should set up a prize for the top Bulgarian investor.

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