{"id":28314,"date":"2022-03-23T06:54:31","date_gmt":"2022-03-23T09:54:31","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28314"},"modified":"2026-04-23T10:17:58","modified_gmt":"2026-04-23T13:17:58","slug":"summit-ascent-reports-hk230m-loss-but-revenue-up-22-for-2021","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-reports-hk230m-loss-but-revenue-up-22-for-2021","title":{"rendered":"Summit Ascent reports HK$230m loss but revenue up 22% for 2021"},"content":{"rendered":"\n<p>Summit Ascent Holdings has posted HK$265.5m ($33.9m) in revenue for 2021.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-\u00a0Summit Ascent Holdings Ltd<strong>\u00a0<\/strong>has reported that it slipped from a profit of HK$10m in 2020 to a loss of HK$230m (US$29.4m) in 2021. Gaming revenue<strong> increased by 22.4 per cent<\/strong>\u00a0from the previous year to nearly HK$248.4m while revenue from the hotel business increased by 106.4 per cent to HK$17.1m.<\/p>\n\n\n\n<p>The group attributed the improvement in revenue to local customers, as the number of foreigners visiting its hotels dropped significantly due to travel restrictions and government countermeasures on travellers due to the Covid-19 pandemic.<\/p>\n\n\n\n<p>In 2021,\u00a0Summit Ascent recorded positive adjusted EBITDA of HK$40.9m, compared to negative adjusted EBITDA of HK$14.7m in 2020.<\/p>\n\n\n\n<p>The company, which operates\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/tigre-de-cristal-revenue-surpasses-pre-pandemic-levels\" target=\"_blank\">Tigre de Cristal<\/a>\u00a0in the Primorye Gambling Zone in Russia, said: \u201cThe increase was also partly due to the base effect as, in the second quarter of 2020, the gaming operations of Tigre de Cristal were suspended for about three months\u2026 according to the respective measures recommended by the Russian government.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summit Ascent Holdings has posted HK$265.5m ($33.9m) in revenue for 2021.<\/p>\n","protected":false},"author":176,"featured_media":17661,"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 Holdings reported a net loss of HK$230m in 2021, a decline from a profit in 2020, despite a 22.4% increase in gaming revenue to HK$248.4m and a positive adjusted EBITDA of HK$40.9m. The revenue growth was primarily driven by local customers at its Tigre de Cristal property in Russia, offsetting a significant drop in foreign visitors due to pandemic-related travel restrictions.","focusai_entities":"Summit Ascent Holdings, Tigre de Cristal","focusai_location":"Philippines, Russia, Primorye Gambling Zone","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Local Market Sustainability?","query":"What is Summit Ascent's long-term strategy for sustaining growth from the local customer base in the Primorye Gambling Zone, given the potential for international travel recovery?"},{"label":"Capital Allocation Strategy?","query":"How will the positive adjusted EBITDA impact Summit Ascent's capital allocation strategy for future expansion or debt reduction, particularly concerning the Tigre de Cristal property?"}],"footnotes":""},"categories":[157,16333],"tags":[23701],"class_list":["post-28314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-summit-ascent"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28314","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28314"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28314\/revisions"}],"predecessor-version":[{"id":28327,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28314\/revisions\/28327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17661"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}