Summit Ascent posts 35% rise in revenue for H1
The Tigre de Cristal operator has posted revenue of HK$129.5m (US$16.6m) for the first half of the year.
Russia.- Summit Ascent Holdings, operator of the Tigre de Cristal casino and resort in Primorye, has posted revenue of HK$129.5m (US$16.6m) for the first half of 2021.
Net losses were reduced from HK$47m to HK$131,000 when compared to the first half of the last year when Tigre de Cristal closed its doors amid Covid-19 countermeasures announced by the Russian government.
EBITDA for the period was HK$17.2m (US$2.2m), compared to a negative HK$22.1m in the first half of 2020. The figure was up 131 per cent when compared to the second half of last year.
Gross gaming revenue (GGR) amounted to HK$139.1m, up 9.4 per cent year-on-year, although the company hasn’t registered revenue from the VIP segment due to the Covid-19 pandemic.
The mass-table segment was up 92 per cent to HK$68.5m and slot-machine revenue 70.2 per cent to HK$70.6m due to growth in the domestic market.
The company said phase one of Tigre de Cristal’s development was complete, including a Suncity Premium Club, a new private club, and a hotpot restaurant. The second phase is underway despite “minor delays caused by the pandemic.”
In April, the company announced that the target launch of Tigre de Cristal Phase II had been postponed to 2023 owing to several delays. Summit Ascent reported the Tigre de Cristal expansion project will cost approximately US$200m. It will have 25 mass gaming tables, 50 VIP gaming tables and 300 electronic gaming machines.
