Summit Ascent increases stake in Tigre de Cristal

Suncity Group’s Bermuda-listed subsidiary has raised its stake in the operator of the Primorye casino by 10 per cent.

Russia.- Suncity’s subsidiary, Summit Ascent, has increased its stake in the hotel and casino Tigre de Cristal to 77.5 per cent.

Bermuda-registered Summit Ascent manages Oriental Regent Limited (ORL), which operates the property in Primorye, Russia. Suncity Group recently increased its stake in Summit Ascent from 24.74 per cent to 69.66 per cent to become the majority stakeholder.

In a joint press release, the companies have now announced they will increase their stake in ORL by a further 10 per cent to 77.5 per cent.

The companies said they aim to provide US$65 million in additional capital for the casino project.

The subscription price for each share was valued at approximately US$228.315.

Other stakeholders participating are Taipei-listed Firich, Hong Kong’s Jewrim and British Virgin Islands firm, City Wealth.

Firich’s participation in ORL will fall from 25 per cent to 20 per cent, City Wealth’s will fall from 5 per cent to 1.7 per cent. Jewrim’s interest will fall from 2.5 per cent to 0.8 per cent.

Suncity Group recently said it would move forward with the planning and construction of Phase II of Tigre de Cristal, which will double the number of existing gaming tables and slot machines and add novel entertainment concepts.

The company is also planning to reveal a “brand-new Suncity VIP room” to Summit Ascent shareholders once travel restrictions normalise.

Suncity expects to attract visitors from South Korea and Japan to Tigre de Cristal.

It also said it was “confident of the long-term prospects of Summit Ascent” since it holds a gaming licence for the Primorye casino for an indefinite period of time and pays lower gaming taxes there compared with other jurisdictions, such as Macau.