Summit Ascent posts profit of US$1.5m for 2022

Summit Ascent has reported results for 2022.
Summit Ascent has reported results for 2022.

The profit compares to a US$29.3m loss in 2021.

Hong Kong.- Summit Ascent Holdings Ltd has shared its financial results for the year 2022. It’s posted a profit of HK$11.8m (US$1.5m), compared to a HK$230m (US$29.3m) loss in 2021. The figure was mainly attributable to the increase in revenue and to an impairment loss of HK$136.9m on property, operating right and equipment.

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.

Adjusted EBITDA for the year totalled HK$105.1m (US$13.39m), up from HK$40.9m (US$5.21m) in 2021.

Lo Kai Bong, Summit Ascent Holdings chairman, stated: “The performance in 2022 has been impressive, given that massive changes in the business environment have evolved, which made operating an integrated resort nothing comparable to the pre-Covid-19 era.

“Robust financial results aside, the Russia-Ukraine conflict continues to bring challenges to the Group operationally. The sanctions and the travel alerts to the Russian Federation are still in place, imports from abroad continued to be regulated, while international flights to our key international destinations have not yet been resumed.

The company operates Tigre de Cristal in the Primorye Gambling Zone in Russia. Lo Kai Bong said the group was now “taking a conservative approach to slow down the progress of Tigre de Cristal Phase II“. 

He said: “While we regret having to make this inevitable decision, the integrated resort business environment changes rapidly and it is our mission to ensure that the Company generates value for our shareholders.”

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