One junket signed, two in the wings
Junket operators are heading to Siberia, home of Lawrence Ho’s new Tigre de Cristal casino resort. In a recent filing to the Hong Kong Stock Exchange, Ho’s company, Summit Ascent Holdings, said VIP rolling chip volume exceeded HKD400 million (US$51.6 million). And according to GGRAsia, that bested rolling chip volume of HKD258 million in November, the first full month of operations.
The property is located in the Primorye Integrated Entertainment Zone near Vladivostok, in the Russian Far East.
“Summit Ascent has recently signed with one mid-size junket operator who will begin operation in May 2016, and plans on signing on two more junket operators in the coming month,” said a note last month from Daiwa Securities Group Inc.
Mass table drop at Tigre de Cristal is also expected to increase in the coming months, if only because the Siberian winter will be over and visitation should rise. “As Vladivostok enters summer months when visitor arrivals is expected to see a drastic increase as tour groups from China resumed in April 2016,” said Daiwa’s note, quoting Summit management.
Bolstering the casino’s potential, Russian authorities will relax visa terms for visitors to Vladivostok starting in July. The simplified formula will allow foreigners to apply for visas online three days before they travel to Vladivostok and pick up the documents on arrival.
Four other resort projects are in development near Tigre de Crystal.
