Russian casino has cause for optimism

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.

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.