The Tigre de Cristal operator has posted losses of HK$47 million (US$6 million) for the first half.<\/p>\n\n\n\n\n\n\n\n
Russia.- Summit Ascent Holdings, operator of the Tigre de Cristal casino and resort in Primorye, has posted losses of HK$47 million (US$6 million) for the first half of 2020.<\/p>\n\n\n\n
Revenues amounted to HK$96 million (US$12.3 million), down 63 per cent on 2019 (HK$257.2 million\/US$33 million).<\/p>\n\n\n\n
About HK$92.2 million (US$11.8 million) of that came from gaming via the 60 per cent equity interest that Summit Ascent owns in Oriental Regent, Tigre de Cristal\u2019s operator.<\/p>\n\n\n\n
Rolling chip turnover was HK$1,192 million (US$153.7 million), 86 per cent below last year\u2019s performance, while mass table games decreased 60 per cent to HK$141 million (US$18.2 million). <\/p>\n\n\n\n
The drop in slots revenue was not as steep since it targets mainly local players. Slots revenue fell 55 per cent to HK$41 million (US$5.2 million).<\/p>\n\n\n\n
The casino and hotel was closed from March 28 to July 16 due to Covid-19 measures.<\/p>\n\n\n\n
It was also affected by reduced visitation as the Russian Federation imposed barriers on the entrance of Chinese nationals, including visitors from Macau and Hong Kong, which typically feed the casino and resort\u2019s rolling chip business.<\/p>\n\n\n\n
EBITDA for the period was a negative HK$22.1 million (-US$2.85 million), compared to a positive HK$108.5 million (US$14 million) in the first half of 2019.<\/p>\n\n\n\n
Summit Ascent said it maintained \u201ca strong financial position, having HK$816.7 million (US$105.3 million) of cash on hand without any bank borrowings as at June 30 2020.\u201d<\/p>\n\n\n\n
It warned \u201cCovid-19 will continue to present challenges to the group, and it is impossible to quantify the impact to the overall business due to many uncertainties.\u201d<\/p>\n\n\n\n