{"id":6980,"date":"2020-06-02T23:21:41","date_gmt":"2020-06-02T23:21:41","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=6980"},"modified":"2026-04-24T04:46:44","modified_gmt":"2026-04-24T07:46:44","slug":"suncity-acquisition-summit","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suncity-acquisition-summit","title":{"rendered":"Suncity Group increases stake in Summit Ascent"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Hong Kong-based holding has invested around US$160 million in the owner of Russia&#8217;s Tigre de Cristal casino resort.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Hong Kong.- Suncity Group Holdings has confirmed a new HKD1.24 billion (US$160 million) investment in Summit Ascent Holding, owner of the Tigre de Cristal casino resort in Russia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to a statement from the group, it is looking to increase its stake to around 75%. It already has a majority stake in Summit through its subsidiary Victor Sky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a filling, Suncity said it would acquire from Victor Sky \u201cnot less than 2,036,204,058 SA Rights Shares and not more than 2,066,975,058 SA Rights Shares\u201d at HK$0.60 per share.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Summit Ascent said part of the proceeds would be used to subscribe to convertible bonds in a Philippine entity, Suntrust Home Developers Inc. Suncity Group Holdings is the <strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-philippines-casino\" target=\"_blank\">majority shareholder in Suntrust<\/a><\/em><\/strong>, and already has a leading stake in Summit Ascent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Summit Ascent&#8217;s planned Phase 2 expansion at Tigre de Cristal integrated resort in Vladivostok set for completion in 2022 will double the venue&#8217;s VIP and mass gaming tables, slots, and lodging capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong-based holding has invested around US$160 million in the owner of Russia&#8217;s Tigre de Cristal casino resort.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 is increasing its ownership stake in Summit Ascent Holdings, owner of Russia's Tigre de Cristal integrated resort, to approximately 75% through a HKD1.24 billion (US$160 million) investment. This strategic move further consolidates Suncity's control over key gaming assets, with Summit Ascent also allocating proceeds to a Philippine entity, Suntrust Home Developers Inc., where Suncity is a majority shareholder. The investment underpins the ongoing Phase 2 expansion of Tigre de Cristal, projected to double its gaming and lodging capacity by 2022.","focusai_entities":"Suncity Group Holdings, Summit Ascent Holding, Victor Sky, Suntrust Home Developers Inc., Tigre de Cristal","focusai_location":"Hong Kong, Russia, Philippines, Vladivostok","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.8), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Suncity's Capital Allocation Strategy?","query":"How does Suncity Group Holdings' increased investment in Summit Ascent and its allocation of proceeds to Suntrust Home Developers Inc. align with its broader capital allocation strategy and long-term growth objectives across its integrated resort portfolio?"},{"label":"Tigre de Cristal Expansion Impact?","query":"What are the projected GGR and NGR impacts of Tigre de Cristal's Phase 2 expansion, and how will the increased VIP and mass gaming capacity influence its competitive positioning within the Russian Far East gaming market?"}],"footnotes":""},"categories":[16338,163,158],"tags":[29,2255,1427],"class_list":["post-6980","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","category-slider-home","tag-casino","tag-russia","tag-suncity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6980","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=6980"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6980\/revisions"}],"predecessor-version":[{"id":21686,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6980\/revisions\/21686"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}