Summit Ascent expects interim profit

Summit Ascent Holdings, the operator of the Tigre de Cristal, in Russia’s Primorye gaming zone, said it expects to post a profit for the first half of this year, compared with a loss the same period in 2018. 

In a statement to the Hong Kong Stock Exchange, Summit Ascent said the turnaround was due to growth in both gaming and hotel operations at the group. It gave no further details as it is still finalizing its results, which will be announced before the end of August. 

In April this year, Suncity Group Holdings announced it had bought a further 24.68 percent stake in Summit Ascent HK$717.8 million ($91.5 million) as it seeks to build an “integrated tourism-related platform.”

The purchase takes the group’s total interest Summit Ascent to 28 percent. 

Analysts expect the involvement of Macau’s largest junket to further boost VIP revenue at the property, which had been improving in the second half of last year. Mass tables have also seen strong growth. 

Group profit for 2018 was HK$4.1 million, compared to a loss of HK$10.0 million for the prior year. Total revenue for the year was HK$463.2 million, down 1.6 percent year-over-year, partly due to the weakening Russian rouble. 

 

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