{"id":32896,"date":"2022-08-24T02:15:27","date_gmt":"2022-08-24T05:15:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32896"},"modified":"2026-04-23T05:36:07","modified_gmt":"2026-04-23T08:36:07","slug":"summit-ascent-revenue-up-37-4-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-revenue-up-37-4-for-h1","title":{"rendered":"Summit Ascent revenue up 37.4% for H1"},"content":{"rendered":"\n

Summit Ascent Holdings has reported a profit attributable to the owners of just under HK$85.2m (US$10.9m).<\/p>\n\n\n\n\n\n\n\n

Hong Kong.-\u00a0Summit Ascent Holdings Ltd\u00a0<\/strong>has shared its financial results for the first half of the year. It’s posted interim revenue from gaming operations of HK$167.6m, up 36.6 per cent year-on-year. Revenue was up 37.4 per cent year-on-year<\/strong>, mainly due to a strong domestic market in the Russian Federation.<\/p>\n\n\n\n

The company reported a profit attributable to the owners of just under HK$85.2m (US$10.9m), versus a loss of HK$131,000 in the prior-year period. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) at Tigre de Cristal rose 249.2 per cent, to just under HK$60m.<\/p>\n\n\n\n

Tigre de Cristal’s VIP rollover gambling business, which was primarily from non-Russian tourists, contributed 54.2 per cent of the group’s gross gaming revenue (GGR) in 2019, but that declined to 20.9 per cent and 0 per cent in 2020 and 2021 respectively due to Covid-19.<\/p>\n\n\n\n

See also:<\/strong> Tigre de Cristal Phase II delayed until at least 2025<\/a><\/p>\n\n\n\n

In the first half of this year, Summit Ascent’s volume chip business had no revenue<\/strong>. The company stated: “Due to the ongoing Covid-19 pandemic, the unfavourable factors have probably changed from short-term to become a long-term impact on the group.”<\/p>\n\n\n\n

However, mass-market table gaming revenue rose 55.1 per cent year-on-year to HK$84.6m, while electronic gaming revenue rose 21.8 per cent to HK$83m. Summit Ascent’s hotel revenue rose 52.5 per cent to nearly HK$10.3m.<\/p>\n","protected":false},"excerpt":{"rendered":"

Summit Ascent Holdings has reported a profit attributable to the owners of just under HK$85.2m (US$10.9m).<\/p>\n","protected":false},"author":176,"featured_media":27875,"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 profit of HK$85.2m for the first half of the year, reversing a prior-year loss, driven by a 37.4% increase in gaming operations revenue. This growth was primarily fueled by a strong domestic market in the Russian Federation, offsetting the continued absence of VIP GGR from non-Russian tourists due to the pandemic, which has also delayed Tigre de Cristal Phase II until at least 2025.","focusai_entities":"Summit Ascent Holdings, Tigre de Cristal","focusai_location":"Hong Kong, Russian Federation","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Mass Market Sustainability","query":"What specific operational strategies did Summit Ascent implement to pivot successfully towards the domestic mass market, and are these growth rates sustainable given the prolonged absence of international VIP play?"},{"label":"Phase II Funding & Strategy","query":"With Tigre de Cristal Phase II delayed until at least 2025, what are the revised capital expenditure projections and funding strategies, and how will this impact the long-term competitive positioning of the integrated resort?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,22436],"class_list":["post-32896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-tigre-de-cristal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32896","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=32896"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32896\/revisions"}],"predecessor-version":[{"id":32930,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32896\/revisions\/32930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}