Suncity takes control of Summit Ascent

The Hong Kong-listed group has increased its stake in the operator of Tigre de Cristal casino to almost 70 per cent. 

Hong Kong.- Suncity Group has increased its stake in Summit Ascent from 24.74 per cent to 69.66 per cent.  

Bermuda-registered Summit is the operator of Tigre de Cristal casino in Primorye, Russia.

In June, Suncity had declared its intention to buy more Summit Ascent shares and become the majority shareholder.  

The Hong Kong-listed group said that from now, Summit Ascent will be accounted as a subsidiary of Suncity and will be consolidated within its financial statements.  

It said: “As of today, two integrated resorts are currently up-and-running under Suncity, namely, Hoiana in Vietnam, and, Tigre de Cristal in Russia. The third integrated resort, Westside City Integrated Resort Project, based in the Philippines, is on its way.” 

The group said it will 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. 

Suncity said Tigre de Cristal’s slots and mass business has shown “exemplary resilience in times of adversity” during the Covid-19 pandemic.  

It added: “When travel restrictions normalise, the brand-new Suncity VIP room will be unveiled, a first time for Summit Ascent shareholders to leverage on Suncity’s experience and its vast gaming network and database.” 

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 license for the Primorye casino for an indefinite period of time and pays lower gaming taxes there compared with other jurisdictions, such as Macau.  

Suncity believes there are many opportunities for Tigre de Cristal to offer rebates and to set up a direct VIP business line.