Summit Ascent completes acquisition of land rights for hotel in Japan

Summity Ascent plans to build a hotel.
Summity Ascent plans to build a hotel.

Summit Ascent Holdings has acquired land rights in Okinawa.

Hong Kong.- Summit Ascent Holdings has announced that it has completed the acquisition of land rights in Okinawa, Japan, for the purpose of developing a resort. The deal, amounting to HK$280.0m (US$35.8m), involved transactions with Summit Ascent’s parent company, LET Group Holdings, and another entity called Solid Impact.

As Focus Gaming News previously reported, the company allocated HK$280m ($35.77m) to purchase LET Group’s stake in the rights as well as the 49 per cent stake held by other shareholders. An additional HK$25m (US$3.19m) has been set aside for designing and planning the future development of the land parcel.

The newly acquired undeveloped land in Okinawa spans 28 adjacent parcels, with a total area of approximately 108,799 square meters (1.17 million sq. feet). Summit Ascent envisions a “luxury hotel with seaside cabins”.

The company’s revenue was HK$372.3m (US$47.43m) in 2022, up 40 per cent compared to HK$265.5m in 2021, predominantly attributable to the Russian mass table and electronic gaming. Gaming revenue increased by 38 per cent from the previous year to nearly HK$340.8m (US$43.43m) while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.

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