Summit Ascent Holdings has said that premium mass and VIP business growth depends heavily on border policies and the arrival of tourists.
Russia.- Casino operator Summit Ascent Holdings has said that Tigre de Cristal’s growth in premium mass and VIP business will depend on the return of tourists and the easing of border policies. The company hopes that an increase in vaccination rates worldwide could allow it to see more visitors soon.
Summit Ascent Holdings said it was “invigorated” by the resumption of international flights to Vladivostok International Airport, specifically from the South Korean capital, Seoul, and the Japanese capital, Tokyo. However, the casino operator said the number of arrivals was low due to quarantine requirements.
The company expects the development of the Primorye Gambling Zone in Russia will help increase the number of tourism arrivals and hopes the gambling zone could become a leisure destination in its own right in the long term.
Summit Ascent Holdings recently shared its financial results for the first half of 2021, posting revenue of HK$129.5m (US$16.6m). Gross gaming revenue (GGR) amounted to HK$139.1m, up 9.4 per cent year-on-year, although the company didn’t register 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.
Mantera Group to develop US$192m casino resort in Primorye
The Primorsky Territory Development Corporation has announced an agreement with Mantera Group to develop an integrated resort. The group is to invest RUB14bn (US$192m) to build a casino resort, which it hopes to complete within four years of work starting, which is scheduled for 2022.
The company responsible for overseeing the Primorye Gambling Zone in Russia has also recently announced that NagaCorp has also resumed its casino development.
NagaCorp said it had chosen a Russian contractor to resume building work on its US$150m casino resort. It is also looking for another contractor for outdoor engineering and landscaping works.