Oriental Regent Limited, the operator of the Tigre de Cristal Resort, plans to sell the entire stake in its wholly-owned G1 Entertainment LLC to a Russian firm. The deal is valued at $116 million, which will be paid in Chinese yuan.

Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.

Suncity Group Holdings said it plans to set up a direct VIP business line at its Tigre de Cristal property in Russia to help drive business volumes and keep high junket rebates in house. The company said Summit Ascent may increase its stake in Oriental Regent, operator of the resort, to 67.5 percent from 60 percent previously and may end up holding as much as 89 percent if it is the only subscriber to an upcoming share issue.

A Russian company that intended to purchase Tigre de Cristal Resort is looking to terminate the deal, Summit Ascent and LET Group announced.

The sale of the Tigre de Cristal casino is allowing companies linked to its operator Summit Ascent, to focus their efforts on markets which can actually deliver returns, such as the Philippines.

LET Group Holdings says its $116 million deal to sell its gaming license for the Tigre de Cristal Resort in Vladivostok was prompted by concerns surrounding the Russia-Ukraine conflict.

Summit Ascent Holdings says it remains “cautiously optimistic” about the long-term future of Russia’s Far Eastern gaming zone, but has begun looking for faster growth opportunities.