Summit Ascent Holdings Ltd says it is placing out shares to raise HKD297 million (about US$38 million) to expand its Tigre de Cristal casino resort (pictured) in the Russian Far East.
The firm told the Hong Kong Stock Exchange on Thursday that it had agreed conditionally to place out up to 300 million shares to at least six independent third parties, at the price of HKD1.01 per share.
The company told the stock market in writing that placing out all the shares would yield net proceeds of about HKD297 million.
“The company intends to utilise the net proceeds to further develop the hotel and gaming business in [the Primorye] Integrated Entertainment Zone in the Russian Federation,” Summit Ascent said.
Tigre de Cristal is currently the only casino resort operating in the Primorye Integrated Entertainment Zone, which is near the Russian Far Eastern city of Vladivostok. Others are either being built or planned.
Tigre de Cristal seeks to draw players from neighbouring China and elsewhere in North and East Asia.
In May, Summit Ascent Executive Director Eric Landheer told GGR Asia that the amount to be invested in the second phase of Tigre de Cristal would be between US$400 million and US$500 million.
Mr Landheer had stated the first stage of the second phase would cost about US$200 million, and be finished around the end of 2021.
The first stage of the second phase will replace the old gaming area with a new one containing 50 more gaming tables for VIP-market players, 25 gaming tables for mass-market players, and 300 slot machines.
It will also give the resort 350 more hotel rooms, an indoor beach club, restaurants, shops and a place for meetings, exhibitions or other activities.
Mr Landheer had also noted that second stage of the second phase would cost between US$200 million and US$300 million, but gave no date for its completion.
The second stage of the second phase will give the resort a hotel containing just suites – numbering 150 in total – meant for wealthier patrons.
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”To date, we have responded to eight cities and prefectures [in Japan] for requests for information or requests for concepts including most recently in Osaka and we are now preparing for Yokohama”
Francis Lui Yiu Tung
Vice chairman of Macau-based casino operator Galaxy Entertainment Group