Macau junket giant Suncity Group has increased its stake in Russia casino operator Summit Ascent Holdings from 24.7 percent to a controlling 69.6 percent.
Hong Kong-listed Suncity said the acquisition, costing a reported US$160 million, converts Summit Ascent into a subsidiary whose operating results will be incorporated into Suncity’s.
Summit Ascent is the majority owner of Tigre de Cristal, a resort casino near Vladivostok that is planning a $200 million expansion of its gaming and hotel capacity and non-gaming attractions, including facilities the company said will be designed to tailor to close-in markets such as South Korea and Japan.
“Suncity has considerable expertise, the data base and the operating experience required to grow Summit Ascent’s revenue,” the company said.
“The resilience in the local Russian mass and slots businesses even in times of Covid, plus Suncity’s entertainment operating expertise, can blend together to become the perfect potion for future success,” said group Chairman Alvin Chau.
“Gradually we are paving the way for Suncity to be a leading integrated resort operator and developer in Asia.”
