Summit Ascent Holdings has released a quarterly update regarding its business operations and the status of the HKEX trading suspension.

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

The LET Group's move to sell its stake in Tigre de Cristal means that the group can still get some return on its investment, as conflict and sanctions drive companies, and punters, out of Russia.

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.

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.

Concerns across Asia due to the Covid-19 outbreak and travel restrictions amidst the Russia-Ukraine war have put the Phase II development of Tigre de Cristal on a backburner for Summit Ascent.

Summit Ascent Holdings posted a 26 percent gain in 2021 revenue and turned adjusted EBITDA positive, but said it was postponing the development of the second phase of its Tigre de Cristal project in Russia due to economic uncertainties.

Tigre de Cristal, which celebrated its sixth birthday last month, has already seen its monthly revenue reach pre-Covid levels due to strong support from the local Russian market.

Tigre de Cristal in the Primorsky Krai gambling zone in Russia has seen its revenue return to pre-Covid levels, if not better, due to strong support from the local market.