Summit Ascent has appointed former Genting Hong Kong President David Chua as its new Chief Executive Officer for a three-year term, effective from May 1.
Appointment of Executive Director and Chief Executive Officer (filing)
The concept of a casino and entertainment hub in Russia’s Far East will take a further step towards fruition this summer with the expected opening of the Shambhala Casino.
Summit Ascent Holdings, operator of Russia's Tigre de Cristal, said it has been accepted as a constituent stock in the MSCI Hong Kong Micro Cap Index, effective after the close on May 27.
Summit Ascent said the opening of the second phase of its Tigre de Cristal Resort in Russia's Primorye gambling zone has been pushed back by a year to 2023 due to delays caused by Covid.
Summit Ascent Holdings, operator of Tigre De Cristal in Vladivostok said it swung the second half of 2020 to a positive adjusted EBITDA and net profit, thanks mainly to strong local demand.
Officials in the Primorye gambling zone have been on a public relations blitz in recent months, highlighting how projects are now pushing ahead and stressing there is no change in the long-term plans for 12 casino complexes.
The Primorye gambling zone saw a 24 percent drop in resort attendance in 2020 due to the pandemic, but authorities are optimistic about the future and have no intention of changing the long-term plans for the hub.
Summit Ascent Holdings said that staff in Tigre de Cristal near Vladivostok has started to receive Russia’s self-developed Sputnik V COVID-19 vaccination.
Bank of America/Merrill Lynch has added its voice to other recent commentary pointing to significant upside for Summit Ascent due to optimism over its projects in Russia and the Philippines.
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.
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.