written and last updated by
Sam Smith at
25 Aug 2021
Journalist, Editorial Department
Hong Kong-based casino operator Summit Ascent Holdings Ltd, which owns the Tigre de Cristal gaming complex in Primorye, has released a special report assessing its performance and analyzing the company's current financial situation. The document states that the impact of the pandemic on tourism in Russian regions was "negligible."
For the first six months of 2021, Summit Ascent Holdings Ltd reported total revenue of €14.1 million, a 35% increase compared to €10.4 million recorded in the first half of 2020. It is worth noting that during that period, the Primorye casino suspended operations for three months due to the coronavirus pandemic.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at €1.8 million, a significant recovery from the negative figure of €2.4 million reported the previous year.
Chairman of Summit Ascent Holdings Ltd, Chau Chok Wa, commented on the situation: "We are building something great. Summit Ascent is a large company with a solid cash base and no debt. We have many bright ideas for growth. However, the ability to sustain our business is a prerequisite for discussing the future. Thanks to strong demand from Russian customers, 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 remain in disarray due to COVID-19. Nevertheless, I am confident that even if the pandemic lasts a while longer, we are capable of weathering the storm. I would like to thank the Russian government, our shareholders, employees, and suppliers for their support during these challenging economic times."
The group also stated that it views the current business prospects in Russia with "cautious optimism" and maintains a strong balance sheet with cash reserves. With the resumption of international flights from Seoul and Tokyo to Vladivostok, analysts believe there are grounds for positive forecasts.
In related news, Latvia's revenues from the gambling market have decreased by 26%.
