{"id":777013415,"date":"2024-02-23T08:29:36","date_gmt":"2024-02-23T11:29:36","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777013415"},"modified":"2026-04-22T12:42:03","modified_gmt":"2026-04-22T15:42:03","slug":"tigre-de-cristal-casino-sale-cancelled","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tigre-de-cristal-casino-sale-cancelled","title":{"rendered":"Tigre de Cristal casino sale cancelled"},"content":{"rendered":"\n<p>The Russian buyer has pulled out of the deal to buy the casino.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Russia.-\u00a0<strong>Summit Ascent Holdings<\/strong>\u00a0has confirmed that the sale of G1 Entertainment, which holds the gaming licence of the <strong>Tigre de Cristal <\/strong>casino, is off. It says the potential buyer, Dalnevostochniy Aktiv, has pulled out of the deal.<\/p>\n\n\n\n<p>Originally disclosed on January 10,\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-to-sell-tigre-de-cristal-licence-for-us116m\" target=\"_blank\" rel=\"noreferrer noopener\">the proposed sale would have involved the disposal of 100 per cent of the shares in G1 Entertainment<\/a>, a wholly-owned subsidiary of Oriental Regent, to Dalnevostochniy Aktiv for US$116m.\u00a0In response to the termination notice, Summit Ascent Holdings and its parent, LET Group, have indicated their intention to seek legal counsel to assess the implications and explore potential avenues for the casino, which opened near Vladivostok in 2015.<\/p>\n\n\n\n<p>The planned sale of Tigre de Cristal&#8217;s operations caused disagreement within the company. All but one of Summit Ascent&#8217;s six directors resigned\u00a0after the announcement of the sale. On February 14, the Securities and Futures Commission (SFC) directed the Stock Exchange of Hong Kong Limited to halt share dealings while it conducted an investigation.<\/p>\n\n\n\n<p><strong>See also:<\/strong>&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/mok-ming-wai-steps-down-as-summit-ascents-company-secretary\" rel=\"noreferrer noopener\">Mok Ming Wai steps down as Summit Ascent\u2019s company secretary<\/a><\/p>\n\n\n\n<p>The SFC said the sale and purchase agreement had been completed without the approval of shareholders and that LET and Summit Ascent did not have enough assets to support their operations and may not be suitable for listing under the rules of the Hong Kong Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Russian buyer has pulled out of the deal to buy the casino.<\/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":"Summit Ascent Holdings has confirmed the termination of the US$116 million sale of G1 Entertainment, operator of the Tigre de Cristal casino in Russia, after the buyer, Dalnevostochniy Aktiv, withdrew. This development follows an SFC investigation into the original sale agreement, which lacked shareholder approval and raised concerns about Summit Ascent and LET Group's asset suitability for Hong Kong listing. The companies now intend to seek legal counsel to assess implications and future options for the casino.","focusai_entities":"Summit Ascent Holdings, G1 Entertainment, Tigre de Cristal, Dalnevostochniy Aktiv, Oriental Regent, LET Group, Securities and Futures Commission (SFC), Stock Exchange of Hong Kong Limited, Mok Ming Wai","focusai_location":"Russia, Vladivostok, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Legal Recourse Impact","query":"What are the specific legal avenues Summit Ascent and LET Group are exploring, and what is the projected timeline and potential financial impact of such litigation on their balance sheets and future operational viability?"},{"label":"Listing Suitability Implications","query":"Given the SFC's concerns regarding asset sufficiency and suitability for listing, what specific remedial actions are required for Summit Ascent and LET Group to regain compliance with Hong Kong Stock Exchange rules, and what is the risk of delisting?"}],"footnotes":""},"categories":[157,16331],"tags":[23701,22436],"class_list":["post-777013415","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\/777013415","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=777013415"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013415\/revisions"}],"predecessor-version":[{"id":777013427,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013415\/revisions\/777013427"}],"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=777013415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}