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Suncity Group nears acquisition of majority stake as Summit Ascent reports HK$13 million 1Q20 loss for Russia’s Tigre de Cristal

Ben Blaschke by Ben Blaschke
Wed 12 Aug 2020 at 05:41
Tigre de Cristal

Tigre de Cristal

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Summit Ascent Holdings, the Hong Kong-listed gaming investor which holds a 60% stake in Russian casino resort Tigre de Cristal in Vladivostok, has warned that its loss attributable to owners of the company for the six months ended 30 June 2020 will edge towards HK$50 million, expanded from a group-wide loss of HK$13.3 million for the first quarter, as a result of COVID-19.

Details of the company’s 1Q20 earnings, which had not been previously released, formed part of a series of announcements overnight as Suncity Group – which currently holds a 24.74% interest in Summit Ascent – prepares to acquire underwritten shares that would boost its stake to 69.78%.

The transaction, via Suncity’s wholly-owned subsidiary Victor Sky Holdings Ltd, is set to cost the group HK$1.24 billion while netting Summit Ascent proceeds of around HK$1.62 billion.

Summit Ascent said that 52.3% or HK$847 million of those proceeds would be used on Subscription Shares, 37.1% or HK$601 million for the Phase II development of Tigre de Cristal and 10.6% or HK$170 million for general working capital.

The liquidity boost comes as Tigre de Cristal’s gaming operations were severely impacted during the first three months of 2020, with gaming revenue down 27.8% to HK$88.4 million.

VIP was hardest hit as a result of travel restrictions, with rolling chip turnover falling 74% year-on-year to HK$1.17 billion and net win after rebates by 60% to HK$16 million.

Mass table drop declined 20% to HK$136 million with win of HK$33 million while slot revenue was down 7% to HK$33 million.

Adjusted Property EBITDA at Tigre de Cristal plummeted from HK$58.1 million to HK$9.7 million.

Summit Ascent also stated via a profit warning that its unaudited consolidated revenue is expected to fall by around 63% for the first half of 2020, with “an estimated loss attributable to owners of the company of not more than HK$50 million.”

Tigre de Cristal was closed on 28 March to comply with measures announced by the Russian government to control the outbreak of COVID-19, reopening on 16 July.

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Tags: casinoGamingRussiaSummit Ascent HoldingsSuncity GroupTigre de CristalVictor Sky Holdings Ltd
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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.

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