• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lawrence Ho’s Tigre de Cristal in Russia opens Oct 8

Aug 28, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck  


Lawrence Ho’s Tigre de Cristal in Russia opens Oct 8

The developers of the Tigre de Cristal casino resort in the Russian Far East have put back the launch date by more than a month, with a soft opening on October 8 followed by a full one in “late October”.

“While construction is substantially complete, customs delays resulted in slower than expected delivery of certain final fit out materials (e.g. bar fixtures and fittings). In addition, commissioning of HVAC (heating, ventilation and air conditioning) and some other building systems proved to be more time consuming than previously surmised,” said a statement from Summit Ascent Holdings Ltd filed with the Hong Kong Stock Exchange after trading hours on Thursday.

Summit Ascent – a driver of the casino project – is controlled by Lawrence Ho Yau Lung (pictured), who is also the co-chairman and chief executive of a separate Asian casino developer, Melco Crown Entertainment Ltd.

In May, Summit Ascent said the Russian scheme – which is located in the Primorye region near the port of Vladivostok – was expected to open its doors by August 28.

“…our commitment to full compliance with Russian commissioning procedures and regulations resulted in unforeseen delays in the completion of the final fit out works and consequently later than expected handover of some key areas of the building to operations,” said the firm’s Thursday statement, explaining the revised schedule.

G1 Entertainment LLC – formerly known as First Gambling Company of the East LLC – a majority-owned subsidiary of Summit Ascent, is involved in development of the project, in what is known as Primorye’s Integrated Entertainment Zone.

“Despite the aforementioned delays, the operating company has maintained stringent cost controls and does not expect any material budget overruns. As a positive result of these controls, the company does not believe it is necessary to resort to external fundraising,” said the latest filing.

In June 2014, Summit Ascent had said in a filing it was increasing its equity interest in the Russian gaming complex to 60 percent, from the 46 percent it controlled previously.

In September 2013, Mr Ho pledged to invest up to US$700 million in the gaming resort, signing a deal with the Russian authorities. A filing by Summit Ascent in September 2014 had mentioned an April 2015 opening date for the Russian casino resort.

“We remain optimistic about the prospects for our project in the Russian Far East and appreciate our stakeholders’ and partners’ ongoing support as we approach our imminent opening date,” said Thursday’s statement.

The filing added that all necessary staff for the property had been “hired or identified” with ten times as many people applying for work as there were positions available.

An earlier filing of Summit Ascent mentioned the resort was likely to have 119 hotel rooms, 800 slot machines, 25 VIP gaming tables, 15 mass-market baccarat tables and 25 mass-market tables providing other table games.


  • tweet
Related articles
  • Andrew Lo takes controlling stake in Suncity, Summit Ascent
    Andrew Lo takes controlling stake in...

    May 19, 2022  

  • Macau no longer VIP bet hub of Asia, admits Suncity listco
    Macau no longer VIP bet hub of Asia,...

    Mar 30, 2022  

More news
  • 500 in Grand Lisboa lockdown, Macau Covid cases top 1,160
    500 in Grand Lisboa lockdown, Macau...

    Jul 06, 2022  

  • Coughlan to exit as Wynn Macau Ltd president in February
    Coughlan to exit as Wynn Macau Ltd...

    Jul 06, 2022  


Latest News

500 in Grand Lisboa lockdown, Macau Covid cases top 1,160

500 in Grand Lisboa lockdown, Macau Covid cases top 1,160

Jul 06, 2022  

More than 500 people are still inside the Grand Lisboa casino hotel after the complex was locked down on Tuesday by the local authorities, said an official during a Wednesday afternoon briefing on...
Read More
Coughlan to exit as Wynn Macau Ltd president in February

Coughlan to exit as Wynn Macau Ltd president in February

Jul 06, 2022  

Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Coughlan to exit as Wynn Macau Ltd president in FebruaryCoughlan to exit as Wynn Macau Ltd president in February July 6, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us