Summit Ascent Holdings, which operates the Tigre de Cristal integrated resort in Russia’s Primorye economic zone, saw big boost in first-half domestic mass and slot machine play, for a 9 percent year-on-year increase in GGR to HK$139.1 million (US$17.9 million).
According to Inside Asian Gaming, the improvement came despite Tigre de Cristal recording zero revenue from its rolling chip business in H1 compared to the first six months of 2020. Mass table GGR was up 92 percent year-on-year on a 68 percent rise in table drop. Slot machine GGR grew 70.2 percent with volume rising 93 percent. Hotel revenue was up too, growing 82 percent to HK$6.7 million (US$860,000).
Summit Ascent, majority-owned by Suncity Group, has expressed confidence in the market’s return, and said the speed bumps surrounding Japan’s land-based casino market could work in its favor.
“We are excited to observe that international flights are resuming to the Vladivostok International Airport from 2021 onwards from places such as Seoul and Tokyo,” the company said.
“Although the number of tourists arriving at Vladivostok via these flights is low due to back-and-forth quarantine requirements, we are confident on the overall long-term appeal of the IEZ Primorye. Together with the recent and would-be openings of new integrated resorts in the IEZ Primorye, the cluster effect can draw tourists and turn the area into a leisure destination on its own.
“The uncertainty in land-based gaming developments in Japan also poses an opportunity for the IEZ Primorye to fill this gap as it is only a short flight away for Japanese tourists.”
Summit Ascent added that planning and construction work on Tigre de Cristal Phase 2 is also “well underway” despite some delays due to the coronavirus. According to Yahoo Finance, Phase 2 will double the size of the property and triple the number of hotel rooms.
