The owner of the Tigre de Cristal casino is optimistic about the future of his business in Russia

Summit Ascent Holdings Ltd, a Hong Kong-based casino operator, which owns the Tigre de Cristal gambling complex in Primorye, gave an assessment of its work and analyzed the current financial situation of the company in a special report. The document indicated that the impact of the pandemic on tourists in Russian regions was “zero”.

Thus, the total revenue of Summit Ascent Holdings Ltd in the first six months of 2021 amounted to 14.1 million euros, an increase of 35% compared with € 10.4 million, recorded in the first half of 2020. Then, recall, the seaside casino suspended its activities for three months due to a pandemic coronavirus.

Adjusted EBITDA was €1.8 million, with a year earlier negative trend (-2.4 million euros).

Summit Ascent Holdings Ltd Chairman Chow Chok Wa commented on the situation: “We are creating good things. Summit Ascent is a big company with a solid cash base and no debt. We have many bright ideas for growth. However, the ability to sustain the business now is a prerequisite for talking about tomorrow. Thanks to solid Russian demand, the Tigre de Cristal complex continues to generate positive EBITDA in the first half of 2021, exceeding last year’s figure by 1.3 times. No one knows exactly how long the world will be in turmoil over COVID-19. Nevertheless, I am confident that even if the pandemic lasts a while longer, we are capable of weathering the storm. Thank you to the Russian government, shareholders, employees and suppliers for supporting our company in difficult economic times.”

The group also said it is “cautiously optimistic” about current business prospects in Russia and has a strong balance sheet with cash reserves. Now that international flights from Seoul and Tokyo have resumed to Vladivostok, there is reason to anticipate, analysts said.

Recall that Latvian revenues from the gambling entertainment market have dropped by 26%.