become the majority shareholder<\/a><\/em><\/strong>.\u00a0\u00a0<\/p>\n\n\n\nThe Hong Kong-listed group said that from now,\u00a0Summit Ascent will be accounted as a subsidiary of Suncity and will be consolidated within its financial statements.\u00a0\u00a0<\/p>\n\n\n\n
It said: “As of today, two integrated resorts are currently up-and-running under Suncity, namely,\u00a0Hoiana\u00a0in Vietnam,\u00a0and, Tigre de Cristal in Russia. The third integrated resort, Westside City Integrated Resort Project,\u00a0based in the Philippines, is on its way.\u201d\u00a0<\/p>\n\n\n\n
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.\u00a0<\/p>\n\n\n\n
Suncity said Tigre de Cristal\u2019s slots and mass business has shown \u201cexemplary resilience in times of adversity\u201d during the Covid-19 pandemic.\u00a0\u00a0<\/p>\n\n\n\n
It added: \u201cWhen\u00a0travel restrictions normalise, the brand-new Suncity VIP room will be unveiled, a first time for Summit Ascent shareholders to leverage on Suncity\u2019s experience and its vast gaming network and database.\u201d\u00a0<\/p>\n\n\n\n
Suncity expects to attract visitors from South Korea and Japan to Tigre de Cristal. It also said it was\u00a0“confident of the long-term prospects of Summit Ascent\u201d since it holds a\u00a0gaming license for the Primorye casino for an indefinite period of time and pays lower gaming taxes there compared with other jurisdictions, such as Macau.\u00a0\u00a0<\/p>\n\n\n\n
Suncity believes there are many opportunities for Tigre de Cristal to offer\u00a0rebates and to set up a direct VIP business line.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The Hong Kong-listed group has increased its stake in the operator of Tigre de Cristal casino to almost 70 per cent.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":10925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group has significantly increased its stake in Summit Ascent, operator of the Tigre de Cristal casino in Russia, to nearly 70%, making it a consolidated subsidiary. This strategic move expands Suncity's integrated resort portfolio and enables leveraging its VIP network for Tigre de Cristal, alongside plans for Phase II expansion and direct VIP business development. The acquisition capitalizes on favorable gaming tax rates and an indefinite license in Primorye.","focusai_entities":"Suncity Group, Summit Ascent, Tigre de Cristal, Hoiana, Westside City Integrated Resort Project","focusai_location":"Hong Kong, Bermuda, Primorye, Russia, Vietnam, Philippines, South Korea, Japan, Macau","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), tech_data (0.7), marketing_crm (0.9), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Suncity's Capital Allocation","query":"How will the consolidation of Summit Ascent impact Suncity Group's capital allocation strategy for its other integrated resort projects, specifically Hoiana and Westside City?"},{"label":"Tigre de Cristal Synergies","query":"What specific operational and revenue synergies does Suncity anticipate from integrating Tigre de Cristal's VIP operations with its existing high-roller network and database, beyond general visitor attraction?"}],"footnotes":""},"categories":[157,16338],"tags":[23701,1427,22436],"class_list":["post-10923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-summit-ascent","tag-suncity","tag-tigre-de-cristal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10923"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10923\/revisions"}],"predecessor-version":[{"id":10926,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10923\/revisions\/10926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10925"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}