Mar 16, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  
The Hong Kong-listed chief backer of the Tigre de Cristal casino resort says it has been “closely monitoring the market conditions and the impact” on business arising from the “Russia-Ukraine conflict since late February 2022”. The property operates in the Primorye Integrated Entertainment Zone, near the Russian Pacific port of Vladivostok, in the Russian Far East.
Summit Ascent Holdings Ltd added that its scrutiny included, but was “not limited to, the fluctuations” in the value of the Russian currency, the rouble, and relevant “interest rates”. But the firm added that the resort had been “self-sustaining without any bank borrowings”.
The firm further noted: “The board will continue to assess the impact of economic sanctions against the Russian Federation on the financial position and operations of the group, and will make further announcements if and when it is necessary.”
The company said it expected to widen its yearly loss by 472.8 percent for the period to December 31, to “not less than” HKD273.8 million (US$35.0 million), compared to a loss of HKD47.8 million in 2020.
The firm said its anticipated 2021 loss was despite yearly adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) going from a negative HKD14.7 million in 2020, to positive EBITDA of approximately HKD40.9 million in 2021.
Summit Ascent said the expected 2021 loss was mainly via fair-value losses on derivative financial instruments of approximately HKD149.1 million; and an impairment loss recognised on “property, operating right and equipment” of approximately HKD136.9 million.
At the time of its interim report issued in September, Summit Ascent had a 77.5 percent interest in Tigre de Cristal’s gaming licence holder, Oriental Regent Ltd. As of the same report, another Hong Kong-listed firm – Suncity Group Holdings Ltd – had a 69.66 percent interest in Summit Ascent.
In December, Suncity Group Holdings said its then-controlling shareholder, detained Macau junket boss Alvin Chau Cheok Wa, could lose his controlling stake in that firm due to an unpaid loan to a group of lenders.
May 22, 2023
May 19, 2023
Jun 01, 2023
Jun 01, 2023
Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking its market approach in the land-based segment, in terms of manufacturing and sales, says Naoki Kameda (pictured, left), the firm’s...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We’re interested [in entering Thailand], we’re looking… but it’s early days”
Robert Goldstein
Chairman and chief executive of casino operator Las Vegas Sands