NagaCorp indefinitely suspends development of Vladivostok casino
NagaCorp, owner and operator of Cambodia’s NagaWorld in Phnom Penh, has announced the indefinite suspension of its gaming and resort development in Vladivostok, Russia. In an update to shareholders, NagaCorp said overnight that it faces “various uncertainties in respect of...
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Construction underway on 36-hole golf resort near Russia’s Primorye gambling zone
Construction work has begun on a new 36-hole golf resort near Russia’s Primorye gambling zone in Vladivostok, part of a comprehensive development that will also comprise schools and residential buildings for tourism workers. According to Primorsky Territory Development Corporation JSC...
Revenue down 67% but Suncity Group returns to profit in 2020 on gains in asset values
Hong Kong-listed Suncity Group Holdings has reported a net profit attributable to equity holders of the company of RMB786.4 million (US$119.6 million) in 2020, representing a significant reversal from a loss of RMB1.48 billion (US$225.8 million) in FY19. The return...
Summit Ascent reveals strong 2H20 recovery at Tigre de Cristal, says Phase 1 upgrade now complete
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...
Summit Ascent to issue US$120 million loan to Philippines associate SunTrust for Manila hotel and casino development
Hong Kong’s Summit Ascent Holdings has entered into an agreement to loan HK$930 million (US$120 million) to Philippines-listed SunTrust Home Developers to fund the construction of SunTrust’s hotel and casino development in Manila’s Entertainment City. The loan, to be issued...
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Suncity Group says Tigre de Cristal staff now receiving Russian COVID vaccine
Suncity Group Holdings and its majority-owned subsidiary Summit Ascent Holdings have revealed that staff at their Russian integrated resort, Tigre de Cristal, have started receiving COVID-19 vaccinations. According to a Tuesday announcement, deployment of the Russian-developed Sputnik V vaccine for...
Singapore Court of Appeals denies Bloomberry’s latest appeal in long-running battle with GGAM over terminated Solaire agreement
The Singapore Court of Appeals has denied an appeal by Sureste Properties Inc. (SPI) and Bloomberry Resorts & Hotels Inc. (BRHI), both subsidiaries of Bloomberry Resorts Corporation, against a Singapore High Court decision issued in early-2020 dismissing a 2016 ruling...
Primorye to help NagaCorp resume construction of Russian casino resort
The Government of Primorye will help Hong Kong-listed NagaCorp resume construction of Russian casino resort near Vladivostok in the coming months by pushing through permits for foreign workers. According to Konstantin Shestakov, Director of Primorsky Territory’s Tourism Department, the government...
