• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 23 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
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
No Result
View All Result
IAG
No Result
View All Result

Summit Ascent eying “upside exposure” to Philippines casino market amid Russia uncertainty

Ben Blaschke by Ben Blaschke
Tue 26 Apr 2022 at 07:08
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

An artist’s impression of the façade of the Westside City project.

33
SHARES
823
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed Summit Ascent Holdings says its Manila casino development will provide a “fast pass” into the lucrative Philippines market amid ongoing uncertainty around the future of its Russian integrated resort, Tigre de Cristal.

In the company’s 2021 Annual Report, published Monday, Summit Ascent said it is transforming itself into a “pan-Asian gaming operator” after subscribing to Php5.6 billion of convertible bonds in Philippines-listed Suntrust Home Developers Inc in 2020 and another Php6.4 billion in 2021. Suntrust is currently developing a US$1 billion casino and hotel within the Westside City resort complex, located in Manila’s Entertainment City precinct.

Both Summit Ascent and Suntrust are majority-owned by Suncity Group Holdings, which also holds a stake in Hoiana in central Vietnam.

While Summit Ascent has traditionally counted Tigre de Cristal as its core asset, the company said Monday that the convertible bonds issued by Suntrust “offer flexibility for the Group to have an upside exposure in the Philippines should the Main Hotel Casino become successful, while allowing the Group to earn an interest income immediately.

“Even with the COVID-19 pandemic as a backdrop, the other four integrated resorts in Manila of the Philippines delivered solid gaming revenue in 2021 according to [PAGCOR].

“When the Main Hotel Casino is completed, it will become the latest attraction undoubtedly. The potential for the Group to own part of an integrated resort in a location with a decade’s track record of double-digit gaming revenue growth, offers the Group an alternative fast pass to tap into the pan-Asian gaming market.”

Exposure to the Philippines market comes as COVID-19 and Russia’s war on Ukraine create dual headwinds for Tigre de Cristal, with Summit Ascent having already announced that it will postpone work on the property’s Phase II development until there is further clarity.

As a result, Summit Ascent said in its Annual Report that there is “no imminent need for the Group to transfer funds into the Russian Federation” to support Phase II while existing operations will continue to be supported by the contribution of locals.

“Despite recent geopolitical tensions, the economic sanctions on the Russian Federation do not have an immediate impact on our operations,” the company said.

“While it may be too early to thoroughly evaluate all possible effects, Tigre de Cristal operating in the Russian Far East has been self-sufficient based on an all-local contribution. The Group maintains a healthy balance sheet, all equity financed without any bank borrowings.

“The Group now turns prudent towards the future expansion of Tigre de Cristal as the foreign direct investment environment is shifting. TdC Phase II is currently aiming for an opening no earlier than 2025 and sub-phases will be rolled out gradually in response to the continual negative impact of the COVID-19 pandemic.”

As previously reported by Inside Asian Gaming, Summit Ascent reported a loss attributable to owners of the company of HK$230 million (US$29 million) in 2021.

RelatedPosts

PAGCOR’s Alejandro Tengco

Inside Asian Gaming launches new dedicated website for IAG EXPO at iagexpo.com

Mon 21 Jul 2025 at 16:11
Early Mover

Philippines SEC gives approval to Hann’s US$200 million IPO

Sun 20 Jul 2025 at 07:09
Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

Fri 18 Jul 2025 at 11:11
Melco awarded 20-year license to operate City of Dreams Sri Lanka

Bollywood star pulls out of City of Dreams Sri Lanka opening but flagship event to continue as planned

Fri 18 Jul 2025 at 05:51
Load More
Tags: casinoManilaPhilippinesSummit AscentSuntrust home DevelopersTigre de Cristal
Share13Share2
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 – 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

Sega Sammy Creation launches “Prosperity Peaks” dice game into Macau

Sega Sammy Creation launches “Prosperity Peaks” dice game into Macau

by Newsdesk
Tue 22 Jul 2025 at 15:47

Japan’s Sega Sammy Creation (SSC) has announced the first Macau installation of “Prosperity Peaks”, the latest addition to its successful series of Dice games. According to information from the company, “Prosperity Peaks” is designed for Asian players – retaining the...

Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

Seaport raises Macau GGR forecast for second half of 2025, increases target price for almost all Macau-linked stocks

by Ben Blaschke
Tue 22 Jul 2025 at 06:49

Investment research firm Seaport Research Partners has upped its 2025 Macau GGR forecast and increased its price targets for almost all stocks on improved sentiment following a recent surge in gaming revenues in the world’s largest casino hub. In a...

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

by Ben Blaschke
Tue 22 Jul 2025 at 05:21

Genting Malaysia’s US subsidiary, Genting New York LLC, said Monday it had completed a key step in its pursuit of a full New York casino license after presenting its expansion plan for Resorts World New York City (RWNYC) to the...

PAGCOR’s Alejandro Tengco

Inside Asian Gaming launches new dedicated website for IAG EXPO at iagexpo.com

by Newsdesk
Mon 21 Jul 2025 at 16:11

Inside Asian Gaming, Asia’s premier B2B gaming industry media and events company, is pleased to announce the launch of brand-new dedicated website for the upcoming IAG EXPO, to be found at iagexpo.com. The IAG EXPO will take place at Manila’s Newport...



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

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
  • 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