G1 Entertainment, the company behind Tigre De Cristal, is planning its second stage of the casino resort which is said to focus on non-gaming facilities.
G1 Entertainment executive director Stylianos Tsifetakis recently met with the management of the Primorsky Territory Development Corporation to discuss plans for the development of the entertainment sector in the region.
“We want to do more than we have already done. Our management considers the development of the non-gambling sector to be promising and plans to create more entertainment facilities within the second phase. In our opinion, this will be useful both for the development of the gambling zone and for the social and economic development of the entire region. We plan that in summer the draft plan of our new entertainment complex will be finally approved and we will be able to present it to the Primorye authorities,” said Tsifetakis during the meeting.
According to previously announced information, the second phase of the project development will include 500 hotel rooms, areas for negotiations, as well as restaurants and bars.
Tsifetakis noted that during the second stage of the construction, the expansion of the shopping area is planned, and the possibility of improving the site for sporting events is also being considered.
“We are considering the possibility of creating a golf club and a ski resort. These are the kinds of entertainment that will allow you to relax at Primorye all year round. In addition, our new Taiwan shareholder plans to create one of the largest shopping centres in the Far East in the seaside gambling zone. He has already successfully launched the work of nineteen major shopping centres in the territory of mainland China and sees the prospect for the development of this direction in Primorye,” Tsifetakis said.
According to him, the decision to create a large shopping area was influenced not only by potential great demand but also by the possibility of introducing a duty-free trade zone in the region, where foreign citizens would be able to get tax relief.
Summit Ascent Holdings, the parent company of G1 Entertainment, posted a jump in revenue, EBITDA and profit for the full year ended Dec. 31, 2017.
Adjusted property EBITDA WAS HK$173.7 million (US$22.1 million), representing a 32 percent increase year-on-year.
Total revenue for the year was HK$470.8 million, up 46 percent year-on-year, and profit attributable to owners of the company was HK$13.8 million.
The company said the main contributors to the results was the group’s rolling chip business which targets VIP customers from Northeast Asia.
Rolling chip turnover at Tigre De Cristal amounted to HK$18.8 billion, up 33 percent year-on-year.