• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 15 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Summit Ascent shareholders pave way for Suncity to take majority stake

Newsdesk by Newsdesk
Tue 8 Sep 2020 at 05:13
Summit Ascent shareholders pave way for Suncity to take majority stake

Tigre de Cristal

35
SHARES
865
VIEWS
Print Friendly, PDF & Email

Shareholders of Hong Kong’s Summit Ascent Holdings – the majority owner of Russian integrated resort Tigre de Cristal – have voted in favor of multiple resolutions that will see Suncity Group significantly increase its stake in the company.

A total of five resolutions were easily passed at a Special General Meeting held on Monday, including a rights issue that will see Suncity’s stake grow from its current 24.74% to as much as 69.89% at a cost of HK$1.24 billion (US$160 million). Around 2.73% of that would be held directly by Suncity and 67.16% by its wholly-owned subsidiary, Victor Sky Holdings Ltd. Suncity has already voted in favor of the transaction.

Shareholders also agreed for Summit Ascent to use some of those proceeds to subscribe to HK$847 million (US$109.3 million) of convertible bonds in SunTrust Home Developers – a Suncity subsidiary listed on the Philippine Stock Exchange and set to develop a US$800 million hotel and casino at Westside City Resorts World in Manila.

Summit Ascent had previously stated that the remaining funds from the rights issue will be used for the Phase II development of Tigre de Cristal and for general working capital.

The Phase II development in Russia will cost a total of US$200 million of which the company will input US$120 million based on its 60% interest in Tigre de Cristal operator Oriental Regent.

“This new integrated resort is expected to double the Group’s VIP and mass gaming tables, slots, and have at least twice the lodging capacity of the existing property, and will include four restaurants and bars, additional retail offerings, and an indoor beach club and spa,” Summit Ascent said last month.

“The Phase II development of Tigre de Cristal will place the Group in a better position to attract and retain customers, especially when other casino operators in the IEZ Primorye open for business in the near future.”

RelatedPosts

SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

LET Group turns full focus to Manila casino development but admits uncertainty over ability to fund project completion

Fri 11 Jul 2025 at 06:17
PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

Thu 10 Jul 2025 at 06:22
Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Wed 2 Jul 2025 at 18:10
Far East given green light to spin-off and list Czech casino business on Hong Kong Stock Exchange

Hong Kong listed Palasino reports slight increase in revenue, profit in FY25 thanks to growing slot machine count

Fri 27 Jun 2025 at 06:13
Load More
Tags: Hong KongRussiaSummit Ascent HoldingsSuncity GroupSuntrust home DevelopersTigre de CristalVictor Sky Holdings LtdVladivostok
Share14Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Starr Xian: Human Factor

China’s GDP grows 5.3% in first half of 2025, in line with expectations

by Pierce Chan
Tue 15 Jul 2025 at 12:30

China’s National Bureau of Statistics has released figures showing that Gross Domestic Product (GDP) grew 5.3% year-on-year in the first half of 2025, in line with market expectations. Sheng Laiyun, Deputy Director of the National Bureau of Statistics, said at...

Casinos Austria hit with fine for unlawful use of junket agent at Cairns casino

Hospitality firm Iris Capital formalizes US$116 million offer to acquire Australia’s The Reef Hotel Casino

by Newsdesk
Tue 15 Jul 2025 at 06:08

Reef Casino Trust, the operator of Australia’s The Reef Hotel Casino in Cairns, said Monday that it has entered into a Takeover Bid Implementation Agreement that will, if completed, see the property acquired in full by hospitality group Iris Capital...

Don’t stop moving

Philippines central bank looking to impose daily cash, time limits on transactions for online gambling

by Newsdesk
Tue 15 Jul 2025 at 05:49

The Philippines’ central bank has issued a draft circular that would, if implemented, place daily limits on the amount of money players can transfer to online gambling sites via digital payment platforms. The bank also wants to implement a maximum...

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

by Newsdesk
Tue 15 Jul 2025 at 05:24

The European Parliament has approved a recommendation by the European Commission to remove the Philippines from the EU’s list of countries with high money laundering and terrorist financing risk. The Philippines’ Anti-Money Laundering Council (AMLC) confirmed the news on Friday,...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語