Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino resort (pictured) in Vladivostok, Russia, said the firm is now targeting the launch of the “first stage” of the second phase of the complex “in 2023”.
The new launch date was mentioned in Summit Ascent’s 2020 annual report, filed to the Hong Kong bourse on Thursday. The firm did not elaborate on what the first stage of Tigre de Cristal’s expansion would comprise.
The company had previously flagged 2022 as the target launch for the casino resort’s second phase. Such date was mentioned in the firm’s interim report, filed in September last year.
In its latest annual report, Summit Ascent blamed the Covid-19 pandemic for the delay.
“The group continues to proceed at full speed on the development of Tigre de Cristal phase II, but the continual impact of the Covid-19 has affected the progress of the pre-construction phase, including design, procurement of construction materials, and tendering,” it stated.
The estimated total development cost of Tigre de Cristal’s second phase remains at US$200 million, according to Summit Ascent’s 2020 annual report.
The expansion project is expected to provide about 60,500 square metres (651,217 sq. feet) of gross floor area. Phase two of the project is to feature “50 VIP gaming tables, 25 mass-gaming tables and 300 electronic gaming machines”, together with “at least double the lodging capacity” of Tigre de Cristal’s existing property, and additional non-gaming elements, stated Summit Ascent.
The existing Tigre de Cristal features a five-star hotel with “121 rooms and suites”. The property also hosts a recently-introduced “brand new Suncity VIP salon”.
Hong Kong-listed Suncity Group Holdings Ltd – headed by Macau junket boss Alvin Chau Cheok Wa – is the controlling shareholder of Summit Ascent. Suncity Group Holdings holds approximately 69.66 percent of Summit Ascent.
In early March, Summit Ascent reported full-2020 profit of HKD10.0 million (US$1.29 million), down 87.8 percent year-on-year.
The company announced in late March the appointment of David Chua Ming Huat as executive director and chief executive. His appointment is effective from May 1, 2021.
May 20, 2022South Korea on Thursday said it would from June 1 resume issuing short-term tourism visas for trips to the country’s mainland, for individual visitors and groups of tourists. Permits for...
May 20, 2022
”[Revenue at Okada Manila] will be around 80 percent of the pre-pandemic level in 2022 before recovering almost fully in 2023"
Satoru Aoyama, Akash Gupta and Kalai Pillay
Analysts at credit rating agency Fitch