The company behind the Tigre De Cristal casino resort in Russia’s Primorsky Krai area, Summit Ascent Holdings Limited, has discharged its merged money related results for the six months to the end of June demonstrating a net benefit of simply over $219,100.
Hong Kong-recorded Summit Ascent Holdings Limited completed the same time frame a year ago in the red to the tune of $5.6 million yet proclaimed that “wonderful month-on-month development” from the Asian VIP gaming part has seen it post six-month income before interest, duty, deterioration and amortization of $4.5 million. “Our rolling chip business targeting the Asian VIP market has seen phenomenal month-on-month growth, vindicating our investment thesis that Primorsky Krai is an ideal location to capture the significantly underserved gaming demand in northeast Asia,” read a statement from Summit Ascent Holdings Limited.
It further stated, “Our strategy has been to start our rolling chip business using only casual junkets initially without fixed-room operators. This strategy is deemed necessary in order to preserve the bargaining power of the casino vis-a-vis fixed-room operators. Thus far, our strategy has been proven to be correct. This is evidenced by the fact that rolling chip turnover has been increasing on a month-on-month basis since the commencement of business in November last year and dramatically increased following the start of two fixed-room operators in late June of 2016.”
n any case, Summit Ascent Holdings Limited uncovered that the mass-market table gaming business at Tigre De Cristal has been “generally disillusioning” and acquired just $39 million in August drop subsequent to topping at $57.7 million in December with 40% of this originating from a select band of nearby clients.
As far as spaces, Summit Ascent Holdings Limited proclaimed that Tigre De Cristal handle hit $180.5 million in June in the wake of drifting around the $128.9 million-mark for the majority of the prior year completing August at just beneath $154.7 million. “While the ramp-up of the local market has thus far been constrained by the weakness in the Russian economy, we remain sanguine on its growth potential as we have witnessed the tremendous efforts made by the Russian federal government and the Primorye provincial government to encourage the growth of tourism and business investment in the region [such as] the Vladivostok Free Port Initiative, additional direct flights [and] significant growth in tourist visitation from neighboring Asian countries,” read the statement from Summit Ascent Holdings Limited. “Further improvements in the local economy from the aforementioned efforts may assist in more growth in our mass business.”
