Summit Ascent Holdings, operator of integrated resort Tigre de Cristal in Russia’s Primorye Economic Zone, says it expects to see some benefits from a “cluster effect” in the region as early as 2021.
Expressing high hopes for Tigre de Cristal’s long-term prospects in its 2019 Interim Report, Summit Ascent pointed to the progress of nearby developments – namely those by Hong Kong-listed NagaCorp and local entities Fortune Diamond and Shambala – as an important step forward in the coming years.
“Three other operators continue moving forward with their development plans and are at various stages of the construction process,” the company said, adding, “Based on their current progress we may see a cluster effect as early as 2021 or 2022.”
Summit Ascent also said it expects its relationship with VIP promoter Suncity Group to continue to grow in scope.
Suncity’s acquisition of a 29.68% stake in the company in April, since reduced to 24.74% following the recent placement of 300 million newly issues shares, helped VIP turnover at Tigre de Cristal climb by 28% and win by 68% in 1H19.
“Tigre de Cristal fits into the strategic roadmap of the Suncity Group to provide a diversified portfolio of gaming options for its players around the world,” Summit Ascent said.
“We believe the winning combination of Suncity’s unparalleled leadership and experience in the gaming industry and Summit Ascent’s proven success in the Russian Far East will enable continued growth in all facets of our business and we are sanguine about the Company’s prospects going forward.”