Tigre de Cristal Phase II delayed until at least 2025

Summit Ascent Holdings has said that the Tigre de Cristal Phase II development will be postponed until 2025 due to economic uncertainties and travel restrictions related to the Covid-19 pandemic.

Russia.- Summit Ascent Holdings has revealed in its latest financial report that Tigre de Cristal Phase II in the Primorye Gambling Zone in Russia has been postponed until “no earlier than 2025” due to the negative impact of the Covid-19 pandemic, travel restrictions and economic uncertainties.

The target launch of Tigre de Cristal Phase II had already been postponed to 2023 last April owing to several delays due to the Covid-19 pandemic. The company is now also concerned about the economic sanctions against the Russian Federation due to its invasion of Ukraine conflict and how they could affect capital investment in Tigre de Cristal.

However, Summit Ascent said the existing phase 1 of the casino resort continued to operate and had been “self-sustaining without any bank borrowings”.

It added: “We shall have to adjust our operations to the reality of a volatile business environment and try to find ways to do business within the new constraints we may face including, but not limited to, the payment platform for further capital investment for the Tigre de Cristal Phase II, loan repayment and dividend repatriation to its parent companies in Hong Kong, settlements with the overseas customers, suppliers and service providers, and the increased operating costs due to the inflation and supply-chain disruptions.”

Summit Ascent’s Tigre de Cristal, opened to the public in 2015 as the first casino resort in Primorye. It was followed almost five years later by Shambhala, which opened at the height of the Covid-19 pandemic.