Lawrence Ho, the Macau gambling magnate, is set on extending his global reach after two of his companies entered into an agreement to build a new casino resort.

Ho, who owns Melco Crown Entertainment along with Australian billionaire James Packer, owns casinos in the world's largest gambling destination Macau and is building a casino resort in the Philippines.

Summit Ascent Holdings Ltd and Melco International Development Ltd., both of which are owned by Ho, will acquire a 51% stake worth in a Russian casino resort near the port city of Vladivostok.

Due to regulatory concerns, foreign casino operators are taking a more cautious view about the investment.  

The total estimated investment cost for the Russian project is expected to be US$130 million, as compared to the US$1 billion for new casino complex of Melco Crown's in Manila.

Summit Ascent Holdings Ltd and Melco International Development Ltd will commit for the capital together with Russian local businessman Oleg Drozdov.