Russian casino has cause for optimism

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Summit Ascent Holdings, the parent company of Tigre de Cristal casino in Russia, reports in its half-year results that the pandemic impact on tourists to the Russian regions was “zero.”

Total revenue in the period was HK$129.5m (€14.1m), up 35 per cent compared with the HK$96m (€10.4m) in the first half of 2020 when the casino suspended its operations for three months during the pandemic.

Adjusted EBITDA was HK$17.2m (€1.8m)  compared with a negative figure of HK$22.1m (€2.4m). The loss was HK$131,000 (€14,300) much improved on the loss of HK$47m (€5.1m) in the comparative period.

The gaming and hotel operations of the group, involving Oriental Regent and G1 Entertainment, using a gaming licence in Russia’s Primorye region, are concentrated in the Tigre de Cristal hotel with a luxury hotel, two restaurants, virtual golf zone with private club and karaoke rooms and retail.

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The group said that it was “cautiously optimistic” about the ongoing prospects for the business and it has a strong balance sheet with cash reserves. Now that international flights were resuming into Vladivostok from Seoul and Tokyo there is cause for optimism.

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