{"id":13635,"date":"2021-01-21T20:49:19","date_gmt":"2021-01-21T20:49:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13635"},"modified":"2026-04-23T22:30:17","modified_gmt":"2026-04-24T01:30:17","slug":"summit-ascent-to-reach-ggr-of-1-23bn-by-2024","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-to-reach-ggr-of-1-23bn-by-2024","title":{"rendered":"Summit Ascent to reach GGR of $1.23bn by 2024"},"content":{"rendered":"\n

According to Bank of America\/Merrill Lynch, the Suncity-owned operator will increase GGR through its casinos in Manila and Russia.<\/p>\n\n\n\n\n\n\n\n

Asia.- Bank of America\/Merrill Lynch has issued an optimistic report on the future of Summit Ascent<\/strong> in relation to its new Manila resort and the Tigre de Cristal property in Russia.<\/p>\n\n\n\n

The investment firm gave Summit Ascent\u2019s stock a \u201cbuy\u201d rating<\/strong> and price target of HK$2 (US$0.25), which is about 135 per cent higher <\/strong>than current prices.<\/p>\n\n\n\n

That’s due to a forecast increase in capacity <\/strong>in Manila and Russia, two casinos that could be a significant driver of growth.<\/p>\n\n\n\n

The report also highlights Summit\u2019s possibility to build its own VIP clientele<\/span><\/a><\/em><\/strong> through its main shareholder Suncity Group’s database. It said the operator would also benefit from China\u2019s belt and road initiatives.<\/p>\n\n\n\n

Bank of America\/Merrill Lynch believes Summit Ascent\u2019s gross gambling revenue<\/strong> (GGR) will reach HK$642m ($82.8m) in 2021<\/strong>, up 190 per cent since last year.<\/p>\n\n\n\n

Another 190 per cent gain is expected the following year<\/strong>, taking GGR to HK$1.86bn (US$239m)<\/strong>.<\/p>\n\n\n\n

Once the second phase of the Tigre de Cristal<\/strong> casino opens in 2022 and the Manila project <\/strong>becomes operational in 2023, Bank of America predicts an estimated GGR of HK$9.6bn ($1.23bn)<\/strong> by 2024<\/strong> and EBITDA of $1.9bn ($245m).<\/p>\n\n\n\n

According to the latest filing from Suncity Group, the Manila casino<\/a><\/em><\/strong> will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines for both mass and VIP markets. It will also include a parking facility with 960 spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to Bank of America\/Merrill Lynch, the Suncity-owned operator will increase GGR through its casinos in Manila and Russia.<\/p>\n","protected":false},"author":2,"featured_media":13637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Bank of America\/Merrill Lynch has issued an optimistic \"buy\" rating for Summit Ascent, projecting significant GGR growth driven by its Manila resort and the Tigre de Cristal property in Russia. The report forecasts GGR reaching HK$9.6bn and EBITDA of $1.9bn by 2024, leveraging increased capacity, Suncity Group's VIP database, and China's Belt and Road initiatives. This outlook is contingent on the operationalization of new casino phases in 2022 and 2023.","focusai_entities":"Bank of America\/Merrill Lynch, Suncity Group, Summit Ascent","focusai_location":"Manila, Russia, Asia, China","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Suncity VIP Strategy?","query":"How will Summit Ascent's integration of Suncity Group's VIP database specifically impact its NGR per player and overall VIP market share in Manila and Russia?"},{"label":"GGR Forecast Assumptions?","query":"What are the key underlying assumptions regarding regulatory stability, regional tourism recovery, and competitive response that underpin Bank of America\/Merrill Lynch's aggressive GGR and EBITDA forecasts for 2024?"}],"footnotes":""},"categories":[157,16331],"tags":[14017,23907,23701],"class_list":["post-13635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-elsewhere-news","tag-integrated-resort","tag-land-based-casino","tag-summit-ascent"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13635","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=13635"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13635\/revisions"}],"predecessor-version":[{"id":13639,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13635\/revisions\/13639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13637"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}