Summit Ascent reports positive adjusted EBITDA in 2020

Summit Ascent reports positive adjusted EBITDA in 2020

Summit Ascent was able to make up for lost profits in the second half of 2020 thanks to strong local demand. It now it plans to launch a VIP business.

Russia.- Summit Ascent, the operator of Tigre de Cristal casino in Primorsky Krai, has reported positive adjusted EBITDA of HKD10.0m (US$1.29m) in its 2020 full-year results,

The figure still represents a drop of 87.8 per cent year-on-year, down from HKD82.0m in 2019.

The company said the decline was due to the adverse impact of the Covid-19 pandemic, with its integrated resort remaining closed from March 28 to July 15.

According to the chairman of parent company Suncity Group, Alvin Chau, the property was able to make up for some lost revenue in the second half of 2020 when it once again opened its doors thanks to strong local demand for electronic gaming and mass table volumes, which almost returned to pre-pandemic levels.

Chau said the company is now working on a VIP business aimed at Korean, Japanese and Southeast Asian markets.

He said: “On one hand, this new business could help Summit Ascent achieve vertical integration, a move to boost returns in the high-roller market. On the other hand, Summit Ascent is backed by a team of sophisticated professionals from Suncity with years of experience in the gaming sector that lends a helping hand on credit risk management.

“All eyes await when the international borders may reopen, as I am confident that with Suncity chipping in, Tigre de Cristal will leap like a tiger and dazzle a crystal in the near future.”

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Summit Ascent Suncity Group