Russia’s parliament has passed a new bill redistributing control over the online betting market, creating a unified gambling regulator to track bets and allocations to sporting leagues and significantly increasing costs to the industry.
The local government has decided to extend tax incentives for the two casinos facing the economic challenges of the pandemic through the end of 2020. This two-month extension is estimated to reduce tax intake by about 7.3 million rubles (US$96,000).
Locals seeking staycations are likely to provide strong support for Summit Ascent in the short term until international travel resumes, Citic Securities analysts wrote in a note.
The Primorye Development Corporation is interested in attracting investors who can enter the region with interesting projects. The main objective is to create an attractive infrastructure for tourism and recreation that can complement the existing gambling operations.
Summit Ascent has announced that Deloitte Touche Tohmatsu resigned as the auditor of the company with effect from November 17 2020, and the board, with the recommendation of its audit committee, has asked shareholders to approve Suncity, Crowe (HK) CPA Limited, as the new auditor.
Primorsky Krai Development Corporation JSC has highlighted its plans for a 360 hectare set of non-gaming facilities to accompany the developing gaming zone in Muravyinaya Bay. They also said that a South Korean group is planning a US$300 million golfing club.
Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.