Casino operator Summit reports fall

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Hong Kong-based casino operator Summit Ascent Holdings has issued an interim report in which it reveals that group revenue in the first half of 2020 was HK96m (€10.4m), down 63 per cent.

Covid-19 is blamed for the downturn which hit its operation in Russia particularly badly, led by the Tigre de Cristal in the Primorye region in Russia’s east, which was closed from March 28 to July 16.

A negative EBITDA of HK$22.1m (€2.4m) compared with a positive one of HK$108.5m (€11.8m) in the comparative six-month period of 2019. Fortunately, the group has cash-in-hand of HK$816.7m (€88.9m) and therefore needed no bank support.

The group operates through its 60 per cent ownership of Oriental Regent and, through that, G1 Entertainment which has a Russian government licence for its Tigre de Cristal venue and for two parcels of land adjacent to it. The Tigre de Cristal has a luxury hotel with 121 rooms, two restaurants, three bars, virtual golf zone, private club and retail.

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