Summit Ascent hopes to become pan-Asian gaming operator

Summit Ascent believes its integrated resort in Manila will offer a “fast track” for the group to enter the pan-Asian gaming market.

The Philippines.- Summit Ascent Holdings Ltd has said that its was “prudently” transforming into a pan-Asian gaming operator after investing PHP5.6bn and PHP6.4bn in convertible bonds between 2020 and 2021. It said its Westside City IR project in Manila will provide a “fast track” for the group to enter the pan-Asian gaming market upon completion.

Last month, Summit Ascent announced that it had decided to delay its Tigre de Cristal Phase II development in the Primorye Gambling Zone in Russia until 2025 at the earliest due to economic uncertainty and ongoing travel restrictions. The opening of the second phase was scheduled for next year.

Summit Ascent’s Tigre de Cristal, opened to the public in 2015 as the first casino resort in Primorye. It was followed almost five years later by Shambhala, which opened at the height of the Covid-19 pandemic. Summit Ascent said it is monitoring the potential impact of Russia’s invasion of Ukraine and subsequent sanctions on Moscow on its operations

Summit Ascent reports HK$230m loss but revenue up 22% for 2021

Summit Ascent Holdings Ltd has reported that it slipped from a profit of HK$10m in 2020 to a loss of HK$230m (US$29.4m) in 2021. Gaming revenue increased by 22.4 per cent from the previous year to nearly HK$248.4m while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.

The group attributed the improvement in revenue to local customers, as the number of foreigners visiting its hotels dropped significantly due to travel restrictions and government countermeasures on travellers due to the Covid-19 pandemic.

In 2021, Summit Ascent recorded positive adjusted EBITDA of HK$40.9m, compared to negative adjusted EBITDA of HK$14.7m in 2020.