Summit Ascent monitoring Ukraine crisis

Summit Ascent Holdings, which operates the Tigre de Cristal resort near Vladivostok in Russia, said it expects to post an increase in revenue of 26 per cent for 2021 and turn adjusted-EBITDA positive.

Adjusted EBITDA is likely to be about HK$40.9m (US$5.2m) for the year, compared with a loss on that basis of $14.7m in 2020, it said in a filing with the Hong Kong Stock Exchange.

However, it will record a net loss of not less than $273.8m, from a loss of $47.8m due to fair value losses on derivative financial instruments and impairments on property and equipment.

The company said it has been monitoring the impact of Russia’s invasion of Ukraine since late February, including the fluctuations in the Russian rouble and interest rates.

Punishing sanctions from western nations in the wake of the attack has crushed the value of the Russian currency. Summit Ascent said Tigre de Cristal “has been self-sustaining without any bank borrowings.”

The board will continue to assess the impact of sanctions and on the financial position and operations of the group, it said.

Source: Asia Gaming Brief