{"id":777012388,"date":"2024-01-12T10:11:02","date_gmt":"2024-01-12T13:11:02","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777012388"},"modified":"2026-04-22T14:05:01","modified_gmt":"2026-04-22T17:05:01","slug":"summit-ascent-to-sell-tigre-de-cristal-licence-for-us116m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-to-sell-tigre-de-cristal-licence-for-us116m","title":{"rendered":"Summit Ascent to sell Tigre de Cristal licence for US$116m"},"content":{"rendered":"\n

The company has sold its majority stake in the Tigre de Cristal casino resort in the Primorye Gambling Zone to a Russian firm.<\/p>\n\n\n\n\n\n\n\n

Russia.-\u00a0Oriental Regent Limited\u00a0<\/strong>will sell its wholly-owned G1 Entertainment, which possesses a gaming licence for Tigre de Cristal<\/strong>, to Russian entity\u00a0Dalnevostochniy Aktiv<\/strong>. The deal was valued at US$116m and will be transacted in Chinese yuan.\u00a0<\/p>\n\n\n\n

Oriental Regent’s controlling entity,\u00a0Summit Ascent<\/strong>, and related company\u00a0LET Group<\/strong>\u00a0halted trading on Thursday (January 11), stating \u201cpending the release of an inside information announcement.\u201d The sale, however, was disclosed by Taiwan firm Firich Enterprises<\/strong>, whose unit Firich Investment holds a 20 per cent stake in Oriental Regent.<\/p>\n\n\n\n

Firich stated in its filing that it would receive US$28m in cash from the sale of Oriental Regent, thereby “reducing its exposure to Russia to zero”. The company then stated the transaction would negatively impact its balance sheet in 2023 by over US$18.4m.<\/p>\n\n\n\n

There are currently two casinos in the Primorye Gambling Zone in Russia. Summit Ascent\u2019s Tigre de Cristal <\/strong>opened to the public in 2015. It was followed almost five years later by Shambhala<\/a>, which opened at the height of the Covid-19 pandemic.<\/p>\n\n\n\n

Last August, Summit Ascent Holdings<\/a> posted a net loss of HK$16.1m (US$2.1m) for the first half of the year. The primary factor was exchange losses <\/strong>amounting to approximately HK$35.2m stemming from fluctuations in the Russian ruble, with its fall contrasting to HK$157.1m in exchange gains in the first half of 2022. <\/p>\n\n\n\n

The company\u2019s revenue from gaming and hotel operations at Tigre de Cristal rose by 2.3 per cent year-on-year to HK$182m. Revenue from gaming operations declined from HK$167.6m to HK$167.3m. Earnings before interest, taxation, depreciation, and amortization (EBITDA) fell 5 per cent year-on-year, to HK$57m.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has sold its majority stake in the Tigre de Cristal casino resort in the Primorye Gambling Zone to a Russian firm.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Oriental Regent Limited has divested its majority stake in the Tigre de Cristal casino resort in Russia's Primorye Gambling Zone to Dalnevostochniy Aktiv for US$116m, transacted in Chinese yuan. This strategic sale, disclosed by Firich Enterprises, aims to reduce exposure to the Russian market, despite an anticipated negative impact on Firich's 2023 balance sheet. The transaction follows Summit Ascent's reported net loss, primarily due to significant exchange rate fluctuations of the Russian ruble.","focusai_entities":"Oriental Regent Limited, G1 Entertainment, Tigre de Cristal, Dalnevostochniy Aktiv, Summit Ascent, LET Group, Firich Enterprises, Firich Investment, Shambhala","focusai_location":"Russia, Primorye Gambling Zone, Taiwan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Approval Timeline","query":"What are the specific regulatory hurdles and estimated timeline for the transfer of G1 Entertainment's gaming license to Dalnevostochniy Aktiv within the Primorye Gambling Zone?"},{"label":"Post-Sale Operational Strategy","query":"How will Dalnevostochniy Aktiv's operational strategy for Tigre de Cristal differ from Summit Ascent's, particularly concerning gaming verticals, marketing, and capital expenditure?"}],"footnotes":""},"categories":[157,16331],"tags":[23701,22436],"class_list":["post-777012388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-elsewhere-news","tag-summit-ascent","tag-tigre-de-cristal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012388","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=777012388"}],"version-history":[{"count":1,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012388\/revisions"}],"predecessor-version":[{"id":777012389,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012388\/revisions\/777012389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777012388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}