• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Summit Ascent now has 78pct of Tigre de Cristal operator

Nov 17, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Summit Ascent now has 78pct of Tigre de Cristal operator

An offshore unit of Hong Kong-listed Summit Ascent Holdings Ltd is upping to 77.5 percent from 67.5 percent, its stake in Hong Kong-registered Oriental Regent Ltd, the promoter of the Tigre de Cristal casino resort (pictured) near Vladivostok in the Russian Far East.

Summit Ascent Holdings is in turn a 69.66-percent owned subsidiary of Hong Kong-listed Suncity Group Holdings Ltd, which has as a controlling shareholder Alvin Chau Cheok Wa, the boss of Macau-based, privately-held junket brand Suncity Group.

The increase in the Summit Ascent Russia Ltd stake in Oriental Regent comes about via a share subscription exercise in the latter.

Summit Ascent Holdings said in an October 30 filing it had agreed to acquire in aggregate a further 7.5 percent interest in Oriental Regent. That increased the firm’s stake in Oriental Regent to 67.5 percent, it said at the time.

The reason given for the deal at that time, was that two minority shareholders in Oriental Regent – offshore entity Joyful Happiness Ltd, with 5 percent, and Hong Kong-registered Sharp Way Group Ltd with 2.5 percent – did “not intend to provide their respective shares of equity funding to Oriental Regent” when the latter looked to raise an additional US$65 million as capital for the Tigre de Cristal project.

Summit Ascent had said in an October 29 filing of unaudited highlights of its third-quarter performance that, in terms of average net monthly gaming revenues, net win amounts from Tigre de Cristal had recovered to 81 percent and 99 percent of first-quarter levels for mass-market tables and slots respectively. That was since the property had reopened on July 16 following a period of closure due to Covid-19.

The firm did not give figures for VIP performance, but noted that “rolling chip business was affected by the travel ban as the Russian borders remained closed”.


  • tweet
Related articles
  • Summit Ascent provides loan to Suntrust for Manila scheme
    Summit Ascent provides loan to Suntrust...

    Feb 24, 2021  

  • Suncity listco US$24mln cash under China property disposal
    Suncity listco US$24mln cash under...

    Feb 22, 2021  

More news
  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

  • Suncity to open clubs at Londoner Macao, Lisboa Palace
    Suncity to open clubs at Londoner...

    Feb 26, 2021  


Latest News

Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Casino slot machine maker and digital games provider Aristocrat Leisure Ltd says it plans to launch in the first quarter this year a new product with responsible gaming features, which has already...
Read More
Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Tech supplier Crane ups forecast for 2021 core sales

Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Galaxy Macau Phase 3 MICE to launch in stages says execGalaxy Macau Phase 3 MICE to launch in stages says exec February 24, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us