Summit Ascent revenue up 37.4% for H1

Summit Ascent Holdings has reported a profit attributable to the owners of just under HK$85.2m (US$10.9m).

Hong Kong.- Summit Ascent Holdings Ltd has shared its financial results for the first half of the year. It’s posted interim revenue from gaming operations of HK$167.6m, up 36.6 per cent year-on-year. Revenue was up 37.4 per cent year-on-year, mainly due to a strong domestic market in the Russian Federation.

The company reported a profit attributable to the owners of just under HK$85.2m (US$10.9m), versus a loss of HK$131,000 in the prior-year period. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) at Tigre de Cristal rose 249.2 per cent, to just under HK$60m.

Tigre de Cristal’s VIP rollover gambling business, which was primarily from non-Russian tourists, contributed 54.2 per cent of the group’s gross gaming revenue (GGR) in 2019, but that declined to 20.9 per cent and 0 per cent in 2020 and 2021 respectively due to Covid-19.

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In the first half of this year, Summit Ascent’s volume chip business had no revenue. The company stated: “Due to the ongoing Covid-19 pandemic, the unfavourable factors have probably changed from short-term to become a long-term impact on the group.”

However, mass-market table gaming revenue rose 55.1 per cent year-on-year to HK$84.6m, while electronic gaming revenue rose 21.8 per cent to HK$83m. Summit Ascent’s hotel revenue rose 52.5 per cent to nearly HK$10.3m.