GGRAsia – Tigre de Cristal officially opens Nov 11

Tigre de Cristal officially opens Nov 11

Oct 23, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck

Phase 1 of the Tigre de Cristal casino resort (pictured) in the Russian Far East is to have its official opening on November 11, the resort’s main backer, Hong Kong-listed Summit Ascent Holdings Ltd, has confirmed to GGRAsia.

Summit Ascent is controlled by Asian casino developer Lawrence Ho Yau Lung.

Local RIA Novosti news agency reported – quoting local officials – that Tigre de Cristal’s 121-room hotel is fully booked through to the end of 2015 and that the majority of the guests are from outside Russia.

“The development looks to tap into the vein of 120 million Chinese and Koreans that live within a two-hour flight of the region,” said a note earlier this month from Union Gaming Research LLC.

The first stage of development had a soft opening on October 8. Phase 1 has a capital budget of US$172 million and there is a commitment by Mr Ho and his development partners to spend “up to” US$700 million in total.

The gaming in phase 1 will have 42 mass-market tables, 25 VIP tables, and 769 slot machines and electronic table games, Eric Landheer, Summit Ascent’s director of corporate finance and strategy, told GGRAsia in a recent interview.

Tigre de Cristal is the first to market of four casino resorts authorised for the Primorye Integrated Entertainment Zone – located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok.