Tigre de Cristal counts on unique position, tourism under penetration

Summit Ascent Holdings is counting on the under penetration of the North Asian markets and its head start in the Primorye gaming zone to ensure the success of its new Tigre de Cristal property in Russia’s Far East.  The casino held its gala opening earlier this month and Summit is optimistic about its prospects, despite a slump in China’s VIP market.  The slide, triggered by Beijing’s crackdown on corruption, has raised question marks over the viability of some planned projects in the Asia region, which would have been highly reliant on the China market. For example, NagaCorp and Grand Korea Leisure recently chose to withdraw from bidding for a license in South Korea, which was also targeting northern China, on concern about profitability.  However, Eric Landheer, Director – Corporate Finance and Strategy of Summit Ascent Holdings told AGB that Tigre de Cristal has a unique market position and is one of the...

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