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

Tigre new phase put back to 2025 amid Russia sanctions

Mar 23, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  


Tigre new phase put back to 2025 amid Russia sanctions

The Hong Kong-listed chief backer of Tigre de Cristal, a casino resort in the Russian Far East, says Phase II of the property (pictured) is being postponed to “no earlier than 2025”, due to “the continual negative impact of the Covid-19 pandemic, particularly restrictions on international travel,” as well as, “economic uncertainties”.

Summit Ascent Holdings Ltd added in its annual report, filed to the Hong Kong Stock Exchange on Tuesday, that what it termed “aggressively escalating economic sanctions against the Russian Federation” by the United States, the European Union and allied nations, due to the Russia-Ukraine conflict, could also affect capital investment in Tigre de Cristal.

Summit Ascent had said in its latest interim report, issued on September 15, that Phase II was due to be “ready in 2023”.

Summit Ascent said in its annual report that Tigre de Cristal – in the Primorye Integrated Entertainment Zone (IEZ), near Vladivostok on the country’s Pacific coast – continued to operate and had been “self-sustaining without any bank borrowings”.

But the company added: “We shall have to adjust our operations to the reality of a volatile business environment and try to find ways to do business within the new constraints we may face including, but not limited to, the payment platform for further capital investment for the Tigre de Cristal Phase II, loan repayment and dividend repatriation to its parent companies in Hong Kong, settlements with the overseas customers, suppliers and service providers, and the increased operating costs due to the inflation and supply-chain disruptions.”

Summit Ascent also noted that in the face of economic sanctions against Russia, the country’s currency, the rouble, had “plummeted to a record low”.

The company added: “As the rouble depreciation threatens to stoke inflation, the Bank of Russia more than doubled its key interest rate to 20 percent from 28 February 2022.”

As of December 31, 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.

On December 1, Summit Ascent had said Alvin Chau Cheok Wa, its then chairman and chief executive, was resigning from those posts, “in view of the pending legal proceedings against him”.

In November, Mr Chau was detained in Macau on suspicion of facilitating illegal gambling overseas for Chinese customers.

Gaming, hotel revenue up

Summit Ascent also reported on Tuesday it had slipped to a loss of HKD230.0-million (US$29.4 million) in 2021, versus a HKD10.0 million profit in 2020.

For 2021, revenue from gaming operations actually rose 22.4 percent year-on-year, to just under HKD248.4 million.

Revenue from hotel operations was up 106.4 percent, at HKD17.1 million.

The improvements were “predominantly attributable to the local customers as the number of foreigners visiting our property dropped significantly after different governments have adopted various travel restrictions and quarantine measures for travellers due to the Covid-19 pandemic,” said Summit Ascent.

The firm added: “The increase was also partly due to the base effect as, in the second quarter of 2020, the gaming operations of Tigre de Cristal were suspended for about three months… according to the respective measures recommended by the Russian government.”

In 2021, the group recorded positive adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD40.9 million, compared to negative adjusted EBITDA of HK$14.7 million in 2020.

The group did not recommend a final dividend for 2021.


  • tweet
Related articles
  • Summit to pay US$36mln for Okinawa land for a luxury hotel
    Summit to pay US$36mln for Okinawa land...

    May 19, 2023  

  • LET in talks with local financial institution for Manila project
    LET in talks with local financial...

    Apr 28, 2023  

More news
  • Crown Resorts, AUSTRAC agree on US$294mln fine over AML
    Crown Resorts, AUSTRAC agree on...

    May 30, 2023  

  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale,...

    May 30, 2023  


Latest News

Crown Resorts, AUSTRAC agree on US$294mln fine over AML

Crown Resorts, AUSTRAC agree on US$294mln fine over AML

May 30, 2023  

Australian casino operator Crown Resorts Ltd says it has agreed to pay a fine of AUD450 million (US$293.5 million) as part of a deal with the country’s financial watchdog to “resolve civil...
Read More
Much interest in state casinos sale, says Pagcor boss Tengco

Much interest in state casinos sale, says Pagcor boss

May 30, 2023  

Dividend restart still far for Macau ops: JP Morgan

Dividend restart still far for Macau ops: JP Morgan

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us