Hong Kong-listed Summit Ascent Holdings Ltd said in a Friday filing that the Tigre de Cristal casino resort (pictured) in which it has a lead stake had temporarily suspended gaming operations from Saturday (March 28), with the shutdown to run until April 5. The property is located in the Primorye Integrated Entertainment Zone near the Russian Pacific port city of Vladivostok.
The firm said it was “following the suggestions of the Russian government” in making the move, as the “Covid-19 outbreak situation has been escalating in the Russian Federation”.
But Summit Ascent stated that “the hotel operations of the group will continue to serve” customers “in a limited capacity” during the period of closure of the casino. “The aim of the temporary suspension is to prevent crowds gathering during the pandemic,” it said.
Summit Ascent added: The group fully supports President Vladimir Putin and the Russian government’s measures to combat Covid-19, as the health and safety of our guests and our team members are of paramount importance.”
The filing said the group would make further announcements “when appropriate”.
The Russian official news agency TASS reported on Monday that Russia was introducing restrictions on crossing the national border from that day “in accordance with the government’s order”.
TASS further noted that since Friday Russia had “fully cancelled regular and charter flights, only allowing airlines to conduct flights to bring Russians home from other states”.
It also noted that from March 18 – with effect until May 1 – Russia had temporarily restricted entry into the country for foreigners.
Last week Summit Ascent posted a profit of HKD82.0 million (US$10.6 million) for calendar year 2019, compared to a profit of approximately HKD7.6 million a year earlier. The firm is the lead promoter of Tigre de Cristal, with a 60-percent stake in the property’s operator Oriental Regent Ltd.
Feb 22, 2024Casino operator Genting Singapore Ltd posted annual net profit of nearly SGD611.6 million (US$456.0 million) for full-year 2023, up 79.8 percent from the prior year. That was on revenue that rose...
”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”