{"id":16182,"date":"2021-03-24T17:02:06","date_gmt":"2021-03-24T17:02:06","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16182"},"modified":"2026-04-23T20:52:54","modified_gmt":"2026-04-23T23:52:54","slug":"summit-ascent-reports-positive-adjusted-ebitda-in-2020","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-reports-positive-adjusted-ebitda-in-2020","title":{"rendered":"Summit Ascent reports positive adjusted EBITDA in 2020"},"content":{"rendered":"\n<p>Summit Ascent was able to make up for lost profits in the second half of 2020 thanks to strong local demand. It now it plans to launch a VIP business.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Russia.- <strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-to-reach-ggr-of-1-23bn-by-2024\" target=\"_blank\">Summit Ascent<\/a><\/em><\/strong>, the operator of Tigre de Cristal casino in Primorsky Krai, has reported positive adjusted EBITDA of <strong>HKD10.0m (US$1.29m)<\/strong> in its 2020 full-year results, <\/p>\n\n\n\n<p>The figure still represents a drop of <strong>87.8 per cent year-on-year<\/strong>, down from <strong>HKD82.0m in 2019.<\/strong><\/p>\n\n\n\n<p>The company said the decline was due to the adverse impact of the Covid-19 pandemic, with its integrated resort remaining closed from March 28 to July 15. <\/p>\n\n\n\n<p>According to the chairman of parent company <strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-predicts-115m-profit-after-tax\" target=\"_blank\">Suncity Group<\/a><\/em><\/strong>, Alvin Chau, the property was able to make up for some lost revenue in the second half of 2020 when it once again opened its doors thanks to <strong>strong local demand for electronic gaming and mass table volumes<\/strong>, which almost returned to pre-pandemic levels.<\/p>\n\n\n\n<p>Chau said the company is now working on a <strong>VIP business aimed at Korean, Japanese and Southeast Asian markets.<\/strong><\/p>\n\n\n\n<p>He said: \u201cOn one hand, this new business could help Summit Ascent achieve vertical integration, a move to boost returns in the high-roller market. On the other hand, Summit Ascent is backed by a team of sophisticated professionals from Suncity with years of experience in the gaming sector that lends a helping hand on credit risk management.<\/p>\n\n\n\n<p>\u201cAll eyes await when the international borders may reopen, as I am confident that with Suncity chipping in, Tigre de Cristal will leap like a&nbsp;tiger and dazzle a crystal in the near future.&#8221;<\/p>\n\n\n\n<p> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summit Ascent was able to make up for lost profits in the second half of 2020 thanks to strong local demand. It now it plans to launch a VIP business.<\/p>\n","protected":false},"author":2,"featured_media":16185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Summit Ascent, operator of Russia's Tigre de Cristal, reported positive adjusted EBITDA of HKD10.0m for FY2020, a significant decline from 2019, yet demonstrating H2 recovery driven by robust local demand post-pandemic closures. The company, leveraging Suncity Group's expertise, is strategically launching a VIP business targeting key Asian markets to achieve vertical integration and enhance high-roller segment returns.","focusai_entities":"Summit Ascent, Tigre de Cristal, Suncity Group, Alvin Chau","focusai_location":"Russia, Primorsky Krai, Korea, Japan, Southeast Asia","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"VIP Market Penetration","query":"What specific competitive advantages does Summit Ascent anticipate from Suncity Group's credit risk management expertise in penetrating the Korean, Japanese, and Southeast Asian VIP markets, and what is the projected timeline for achieving significant market share?"},{"label":"Operational Recovery Metrics","query":"Beyond adjusted EBITDA, what are the key operational metrics (e.g., GGR by vertical, NGR, player visitation, average spend per segment) that demonstrate the sustainability of the H2 2020 local demand recovery and its projected contribution to future profitability?"}],"footnotes":""},"categories":[163,16337],"tags":[23701,23702],"class_list":["post-16182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-north-asia-news","tag-summit-ascent","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16182","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=16182"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16182\/revisions"}],"predecessor-version":[{"id":16206,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16182\/revisions\/16206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16185"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}