existing shareholders\u2019<\/a><\/em><\/strong> financial statuses, Phase II will go ahead from blueprint to brick and mortar as planned.\u201d\u00a0<\/p>\n\n\n\nAside from Asian restaurants, Phase II will add an\u00a0indoor beach club.<\/p>\n\n\n\n
Summit Ascent said: \u201cThere are virtually no restrictions on the\u00a0number of gaming tables and slot machines\u201d, and Suncity will be setting up a direct VIP business line.\u00a0\u00a0<\/p>\n\n\n\n
Summit Ascent also provided a financial update on its performance in the third quarter of 2020, which included the reopening of Tigre de Cristal on\u00a0July 16.\u00a0\u00a0<\/p>\n\n\n\n
It said: \u201cThe group has recorded relatively good recovery in the mass table and slot businesses, primarily driven by local Russians, given that flights and visa application have not resumed yet.\u201d\u00a0\u00a0<\/p>\n\n\n\n
Preliminary unaudited results indicate that Tigre de Cristal turned EBITDA positive in both August and September 2020.\u00a0<\/p>\n\n\n\n
Slot handle outperformed the pre-pandemic three-month average in the first quarter while mass table drop recovered up to 96 per cent of the average before closure.\u00a0\u00a0<\/p>\n\n\n\n
Summit Ascent said: \u201cThis is the greatest indication that the Group is not solely reliant on foreign visitors. The local Russian market could already help Tigre de Cristal to stay afloat in a time when the travel ban is still in place.\u00a0<\/p>\n\n\n\n
\u201cGiven the proximity of Vladivostok to major Asian tourism markets such as South Korea and Japan, Koreans and Japanese are naturally the next target markets when international travel resumes.” <\/p>\n","protected":false},"excerpt":{"rendered":"
The company said the casino was already profitable in Q3 of 2020, and that the Phase II \u201cis well underway.\u201d\u00a0<\/p>\n","protected":false},"author":2,"featured_media":11394,"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 Holdings and Summit Ascent Holdings are advancing Phase II of Tigre de Cristal in Russia, a significant expansion doubling property size and tripling hotel capacity, with a stated commitment to proceed irrespective of shareholder financial standing. The integrated resort demonstrated robust Q3 2020 operational recovery, achieving EBITDA positive results in August and September, primarily driven by resilient local Russian demand, while strategically positioning for future Asian VIP market re-engagement.","focusai_entities":"Suncity Group Holdings, Summit Ascent Holdings, Tigre de Cristal","focusai_location":"Russia, Vladivostok","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), marketing_crm (0.8), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Phase II Funding","query":"Given the commitment to proceed \"regardless of existing shareholders\u2019 financial statuses,\" what specific capital structure and financing instruments are being utilized to ensure the timely and de-risked completion of Tigre de Cristal Phase II?"},{"label":"Local Market GGR Drivers","query":"What specific operational adjustments and marketing strategies enabled the robust mass table drop and slot handle recovery from the local Russian market, and what is the projected long-term GGR contribution from this segment post-resumption of international travel?"}],"footnotes":""},"categories":[28,16331],"tags":[2255,23701,22436],"class_list":["post-11392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-elsewhere-news","tag-russia","tag-summit-ascent","tag-tigre-de-cristal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11392","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=11392"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11392\/revisions"}],"predecessor-version":[{"id":11404,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11392\/revisions\/11404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11394"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}