Hong Kong-listed Summit Ascent Holdings Limited has delayed the Phase 2 opening of its Russian integrated resort Tigre de Cristal by almost 12 months to the “latter half” of 2020.
Providing a business update as part of its 2018 Interim Report, released on Monday, Summit Ascent said that it had made major alterations to the design of Tigre de Cristal Phase 2 following the departure of former Chairman and majority shareholder Lawrence Ho – who sold off his entire stake in the company in December.
As a result, “We now target an opening of the first stage of our Phase II property in the latter half of 2020,” the company said. “We are currently finalizing design and financing options so that we can commence construction in the spring of 2019.”
Summit Ascent also made reference to a noticeable acceleration in construction by other future IR operators in Primorye – namely NagaCorp and Diamond Fortune Holdings – which it expects to provide considerable benefits for all once complete.
“Assuming that our own Phase II project and the other future operators’ development plans remain on track, we may see the benefits of a ‘cluster’ effect as early as 2021,” it said.
Summit Ascent announced earlier this month that it was turning its focus away from junkets and towards developing its own premium mass business following increasing pressure from agents requesting higher rebates.