{"id":8954,"date":"2020-08-12T22:34:18","date_gmt":"2020-08-12T22:34:18","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=8954"},"modified":"2026-04-24T02:49:07","modified_gmt":"2026-04-24T05:49:07","slug":"summit-ascent-issues-profit-warning","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-issues-profit-warning","title":{"rendered":"Summit Ascent issues profit warning"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The company expects an accumulated loss of US$6.45 million for the first half.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Hong Kong.- Summit Ascent Holdings has issued a warning to inform shareholders it expects accumulated losses of HK$50 million (US$6.45 million) for the six months ending June 30.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a filing to the Hong Kong Stock exchange the operator of the Tigre de Cristal casino in Russia said: \u201cThe outbreak of the Covid-19 has had a huge impact on the gaming and hotel operations of the group in the first half of 2020 due to the temporary entry ban to the Russian Federation of foreign nationals, including those from Hong Kong and Macau, which had an adverse impact on the group\u2019s visitation in early 2020.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gaming revenues were affected due to the suspension of operations from March 28 <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/tigre-de-cristal-reopens-with-safety-precautions\" target=\"_blank\" rel=\"noreferrer noopener\">until July 16<\/a><\/em><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Preliminary financial results show consolidated revenue for the six months was about 63 per cent that of the same period in 2020. Final audited financial results are expected to be released in late August.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Suncity Group is poised to take control of the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Summit Ascent also announed that Suncity is close to finalising further acquisition of the company through its wholly-owned subsidiary, Victor Sky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Suncity currently <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-acquisition-summit\" target=\"_blank\" rel=\"noreferrer noopener\">has a 24.74 per cent interest<\/a><\/em><\/strong> in Summit Ascent, but in June announced a US$160 million investment with the goal of acquiring up to 75 per cent of the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This investment would add some liquidity for the Tigre de Cristal operator, and make Suncity the majority stakeholder in the Hong Kong-listed company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company expects an accumulated loss of US$6.45 million for the first half.<\/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":"Summit Ascent Holdings anticipates an accumulated loss of HK$50 million (US$6.45 million) for H1 2020, primarily due to COVID-19 related operational suspensions and foreign national entry bans impacting its Tigre de Cristal casino in Russia. Concurrently, Suncity Group is progressing with its acquisition to become the majority stakeholder, injecting US$160 million in liquidity into Summit Ascent.","focusai_entities":"Summit Ascent Holdings, Suncity Group, Victor Sky, Hong Kong Stock Exchange, Tigre de Cristal","focusai_location":"Hong Kong, Russia, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Suncity Integration Strategy","query":"What are Suncity Group's post-acquisition strategic imperatives for Tigre de Cristal, specifically regarding operational synergies, market diversification, and capital allocation within its integrated resort portfolio?"},{"label":"Liquidity Deployment Plan","query":"Beyond mitigating H1 2020 losses, how will the US$160 million capital injection from Suncity Group be strategically deployed to enhance Tigre de Cristal's long-term GGR potential and operational resilience?"}],"footnotes":""},"categories":[16331,163],"tags":[23701,23702,22436],"class_list":["post-8954","post","type-post","status-publish","format-standard","hentry","category-elsewhere-news","category-finance-news","tag-summit-ascent","tag-suncity-group","tag-tigre-de-cristal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8954","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=8954"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8954\/revisions"}],"predecessor-version":[{"id":8966,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8954\/revisions\/8966"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}