Inside Asian Gaming

IAG FEB 2021年2月 亞博匯 16 SUMMIT ASCENT TO ADOPT DIRECT VIP MODEL AT RUSSIA’S TIGRE DE CRISTAL 凱升控股將在俄羅斯水晶虎宮殿採用貴賓直營模式 亞博匯早報 BREAKFAST BRIEFS SUMMIT ASCENT HOLDINGS has revealed plans to adopt a direct VIP model at its Russian casino resort, Tigre de Cristal, in Vladivostok, rather than rely on its controlling shareholder Suncity Group to provide players. Details of Summit Ascent’s Russian vision were revealed during a recent Goldman Sachs corporate day, including its intention to extend credit directly to its own players using Suncity’s database. Suncity Group owns 69.66% of Summit Ascent which in turn holds a 77.5% interest in Tigre de Cristal’s operating entity, Oriental Regent Ltd. “While this would allow the company to preservemore profit without having to pay junket commission, it would also mean Summit Ascent has to bear credit risk on its own,” Goldman Sachs said in a note. “Management believes it is manageable given its limited VIP exposure initially. Overall, they believe US$200 million EBITDA is achievable in the longer run.” It was also revealed that Tigre de Cristal has enjoyed a rapid recovery in recent months and printed positive EBITDA for the six months to 31 December 2020, versus a US$3 million EBITDA loss in 1H20. Once borders reopen, the property will focus its energies on players from South Korea, China and Japan with Korea seen as a significant opportunity. 凱升控股 透露其計劃在俄羅斯符拉迪沃斯托 克的賭場度假村水晶虎宮殿採用貴賓直營模 式，而非依靠其控股股東太陽城提供玩家。 據投資銀行高盛的一份研究報告，凱升在 近期的一個企業活動中披露了在俄的願景細 節，包括打算利用太陽城的數據可直接向自己 的客戶提供信貸。 太陽城集團擁有凱升控股69.66％的股 權，凱升則持有水晶虎宮殿營運實體東雋77.5 ％的股權。 高盛在其報告中稱：「儘管這將令公司在 無需支付佣金的情況下保留更多利潤，但亦意 味著凱升將自行承擔信貸風險。管理層認為， 有鑒於其最初對貴賓業務的敞口有限，因而可 控。他們認為從長遠來看，2億美元的EBITDA 是可以實現的。」 報告還顯示，水晶虎宮殿近幾個月來正快 速復甦。截至2020年12月31日的六個月內為 止其EBITDA為正，而其2020年上半年的EBIT- DA為虧損300萬美元。一旦邊界重新開放，該 物業將把精力集中在來自韓國、中國和日本的 玩家身上，而韓國則被視為一個巨大的機會。