• 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

Russian casino op Summit Ascent yearly profit dips 88pct

Mar 24, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  


Russian casino op Summit Ascent yearly profit dips 88pct

Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino resort (pictured) in Vladivostok, Russia, says its 2020 profit fell 87.8 percent year-on-year, on gaming and hotel revenue that was down 60.4 percent.

Profit was HKD10.0 million (US$1.29 million) compared to HKD82.0 million in 2019. The 2020 revenue was HKD211.2 million versus HKD532.8 million a year earlier.

No dividend was paid or proposed during the years ended December 31 2020 and 2019, “nor has any dividend been proposed since the end of the reporting period,” stated the firm.

The decline in 2020 revenue was “primarily due to the adverse impact of the Covid-19 pandemic especially when our integrated resort… had been suspended for business from 28 March 2020 to 15 July 2020,” stated the firm in a Tuesday filing to the Hong Kong bourse.

The 2020 revenue from gaming operations was HKD202.9 million, a 57.9 percent decline from the HKD482.2 million in 2019.

Revenue from hotel operations fell 83.6 percent year-on-year in 2020, to HKD8.3 million versus the HKD50.6 million achieved a year earlier.

The group recorded negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD14.7 million for 2020, compared to positive adjusted EBITDA of HKD214.8 million in 2019.

Despite the negative EBITDA in 2020, Summit Ascent’s chairman Alvin Chau Cheok Wa, who is also a boss of Hong Kong-listed Suncity Group Holdings Ltd, said in commentary he was “glad to report a silver lining” for the Russian operation.

Since Tigre de Cristal’s reopening in mid-July, not only did it “manage to break even on a month-on-month basis, but it also delivered a slightly positive adjusted EBITDA in the second half of 2020, thanks to strong local demand for high-quality entertainment and hospitality services”.

The chairman also noted electronic gaming and mass table volumes had “almost returned” to pre-pandemic levels, which he suggested “confirms my belief that Summit Ascent is worth investing [in] for the long-term because Tigre de Cristal is an integrated resort well loved by both local Russians and tourists”.

In November 2020, Summit Ascent acquired additional equity interest and increased its stake in Tigre de Cristal from 60 percent to 77.5 percent, noted Tuesday’s filing.


  • tweet
Related articles
  • LET Group seeks US$6 million in funds via share placement
    LET Group seeks US$6 million in funds...

    Feb 06, 2023  

  • Casino investor LET gets US$64mln loan from Summit Ascent
    Casino investor LET gets US$64mln loan...

    Jan 30, 2023  

More news
  • Macau early Feb average daily GGR higher than Jan: JPM
    Macau early Feb average daily GGR...

    Feb 06, 2023  

  • Macau tour trade returns at historic areas, resorts says govt
    Macau tour trade returns at historic...

    Feb 06, 2023  


Latest News

Macau early Feb average daily GGR higher than Jan: JPM

Macau early Feb average daily GGR higher than Jan: JPM

Feb 06, 2023  

Macau’s casino gross gaming revenue (GGR) for the first five days of February is estimated at MOP1.9 billion (US$235.1 million) – or MOP380 million per day – a level that suggests a “45...
Read More
Macau tour trade returns at historic areas, resorts says govt

Macau tour trade returns at historic areas, resorts says...

Feb 06, 2023  

Cambodia ops to Mar 31 for due tax on non-gaming: report

Cambodia ops to Mar 31 for due tax on non-gaming: report

Feb 06, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The resumption [of mainland package tours] is definitely good news: recovering foot traffic for casinos [in Macau] is really important and their comeback will help with that”

Hoffman Ma Ho Man

Deputy chairman of Success Universe Group, promoter of casino-hotel Ponte 16



Most Popular

  • Return of tours good for mass floor traffic: observersReturn of tours good for mass floor traffic: observers February 3, 2023
  • Cyprus president says Melco CoD Mediterranean to aid nationCyprus president says Melco CoD Mediterranean to aid nation February 6, 2023
  • Macau early Feb average daily GGR higher than Jan: JPMMacau early Feb average daily GGR higher than Jan: JPM February 6, 2023
  • Jaw-dropping wagers in Macau CNY survey: CitigroupJaw-dropping wagers in Macau CNY survey: Citigroup February 2, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us