Summit Ascent swings to profit in 2016

Russian casino operator Summit Ascent Holdings Ltd swung to a net profit of HK$559,000 (US$71,800) in the full year 2016, compared to a net loss of HK$85.4 million in 2015.

2016 was the first full calendar year of operations of Tiger de Cristal, which grew rolling chip turnover from HK$3.5 billion in 16H1 to HK$10.6 billion in 16H2.

The report noted that “the main contribution to the profitability of Tigre de Cristal comes from the rolling chip business, which targets VIP customers from Northeast Asia”

Adjusted EBITDA was HK$132 million for the full year 2016.

Summit Ascent holds 60 percent of Oriental Regent, which owns 100 percent of G1 Entertainment LLC, which holds the gaming licence for the casino.

“Management remains optimistic about the prospects of further ramp-up of the business in light of the recent announcement by the Primorsky Government that a much simplified visa regime will be implemented in the summer of 2017.”

“We now expect to maintain our monopoly position and first-mover advantage [in Primorye] until at least 2019,” said Lawrence Ho said in a statement.