Summit Ascent Holdings, operator of Tigre De Cristal in Vladivostok said its 2020 second half swung its full-year results to a positive adjusted EBITDA and net profit, thanks mainly to strong local demand.
The casino was forced to close for four months in the first half of the year due to the pandemic but was able to resume operations from July 2020. Parent company Suncity Group chairman Alvin Chau said that strong local demand allowed for electronic gaming and mass table volumes to return to pre-pandemic levels, “a testament that confirms my belief that Summit
Ascent is worth investing for the long-term because Tigre de Cristal is an integrated resort well-loved by both local Russians and tourists.”
On a full-year basis, net profit attributable to owners of the company reached HK$10 million in 2020, while group revenue was HK$211.2 million in 2020, down 60 percent.
Last October, Summit Ascent became a subsidiary of Suncity Group Holdings, which holds 69.66 percent of the company.
“Now being the parent company, Suncity has every reason to back up Summit Ascent to ensure that it can leverage on the resources under the Suncity umbrella,” continued Chau.
The chairman also noted that they’re working on a new direct VIP business, which will be aimed towards the nearby Korean, Japanese and Southeast Asian markets.
“On one hand, this new business could help Summit Ascent achieve vertical integration, a move to boost returns in the high-roller market. On the other hand, Summit Ascent is backed by a team of sophisticated professionals from Suncity with years of experience in the gaming sector that lends a helping hand on credit risk management.”
The company said it will continue to work on its Phase 2 development, which will eventually triple the number of existing hotel rooms and double the number of gaming facilities.
“All eyes await when the international borders may reopen, as I am confident that with Suncity chipping in, Tigre de Cristal will leap like a tiger and dazzle a crystal in the near future,” said Chau.