• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 16 September 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 reveals strong 2H20 recovery at Tigre de Cristal, says Phase 1 upgrade now complete

Ben Blaschke by Ben Blaschke
Wed 24 Mar 2021 at 04:27
Summit Ascent reveals strong 2H20 recovery at Tigre de Cristal, says Phase 1 upgrade now complete

A VIP gaming room at Tigre de Cristal in Vladivostok, Russia

24
SHARES
598
VIEWS
Print Friendly, PDF & Email

A strong recovery in the second half of the year has helped Hong Kong-listed Summit Ascent Holdings record a profit of HK$10 million (US$1.3 million) in 2020 – reversing a loss of HK$47 million (US$6.1 million) recorded in the six months to 30 June.

Aided by the reopening of its Russian integrated resort Tigre de Cristal, located in in the Primorye Entertainment Zone near Vladivostok, in July following a four-month closure due to COVID-19, Summit Ascent generated EBITDA of HK$7.4 million (US$1.0 million) in 2H20, partially offsetting a HK$22.1 million (US$2.8 million) 1H loss to record a 2020 EBITDA loss of HK$14.7 million (US$1.9 million).

Revenue for the year declined 60% year-on-year to HK$211.2 million (US$27.2 million) of which around HK$115 million (US$14.8 million) was recorded in the second half of the year – driven by the mass gaming segment. With the closure of international borders keeping VIP volumes suppressed (and 2020 win at just HK$18 million), mass tables contributed win of HK$82 million (US$10.6 million) and electronic gaming HK$103 million (US$13.3 million).

Summit Ascent, of which Suncity Group Holdings holds a 69.66% stake, increased its stake in Tigre de Cristal operator Oriental Regent Ltd from 60% to 77.5% last November via a rights issue aimed at raising funds for the IR’s upcoming Phase II development.

In an update provided with the company’s 2020 results announcement overnight, Summit Ascent revealed it has now completed an upgrade to Phase 1 with a brand-new Suncity VIP room now operational. A new authentic hotpot restaurant and a new club are also open.

Alvin Chau, Chairman of both Suncity Group and Summit Ascent, said Tigre de Cristal’s 2H recovery “confirms my belief that Summit Ascent is worth investing in for the long-term because Tigre de Cristal is an integrated resort well-loved by both local Russians and tourists.

“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.

“I am also pleased to announce that a new Direct VIP business will be set up, tapping into the nearby Korean, Japanese and Southeast Asian markets. This new business could help Summit Ascent achieve vertical integration, a move to boost returns in the high-roller market.

“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.”

RelatedPosts

The 2023 Asian Gaming Power 50: Ones to watch

Hong Kong Stock Exchange deems Andrew Lo unsuitable to be director of LET Group or Summit Ascent due to attempted Tigre de Cristal sale

Tue 16 Sep 2025 at 15:14
Fantasy sports gaining Japan foothold with basketball the first step

Hong Kong formally passes bill legalizing basketball betting with 50% tax on profit

Thu 11 Sep 2025 at 16:52
Summit Ascent shareholders pave way for Suncity to take majority stake

LET Group and Summit Ascent report improved 1H25 performance on Tigre de Cristal upgrades, addition of export business in Russia

Mon 1 Sep 2025 at 05:16
Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

Sun 31 Aug 2025 at 08:45
Load More
Tags: Alvin ChauHong KongRussiaSummit Ascent HoldingsSuncity GroupTigre de CristalVladivostok
Share10Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

The 2023 Asian Gaming Power 50: Ones to watch

Hong Kong Stock Exchange deems Andrew Lo unsuitable to be director of LET Group or Summit Ascent due to attempted Tigre de Cristal sale

by Ben Blaschke
Tue 16 Sep 2025 at 15:14

The Stock Exchange of Hong Kong Ltd has imposed a Director Unsuitability Statement and a censure against Andrew Lo – the majority shareholder, Executive Director and Chairman of LET Group Holdings and Summit Ascent Holdings – deeming him unsuitable to...

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

by Pierce Chan
Mon 15 Sep 2025 at 22:58

Police from Macau, Guangdong and Hong Kong detected 62 cases of illegal money exchange and apprehended around 100 people suspected of being part of money exchange gangs as part of a month-long joint operation codenamed “Thunderstorm 2025”. Authorities said that...

Melco wins sustainability awards for “Above and Beyond” strategy

Melco proposes new notes offering, looking to redeem outstanding 2026 notes

by Newsdesk
Mon 15 Sep 2025 at 22:49

Melco Resorts Finance Limited, the Melco Resorts & Entertainment subsidiary that operates City of Dreams Macau, Altira Macau and Mocha Clubs, is proposing to conduct an international offering of senior notes as part of its plan to redeem all outstanding...

PAGCOR executive says technology advancements aiding rise in illegal online gaming operators

PAGCOR executive says technology advancements aiding rise in illegal online gaming operators

by Newsdesk
Mon 15 Sep 2025 at 22:25

The rapid advancement of technology within the gaming industry is driving a proliferation of illegal online operators by creating an unstable environment in which legitimate businesses can struggle, according to PAGCOR Vice President for Human Resource and Development Group, Dr...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語