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.

The LET Group has announced a swing to profit, registering some HK$584.65 million ($74.51 million) during the first half-year, on the back of revenue of just HK$190.91 million ($24.33 million), just a 0.3 percent yearly increase.

Hong Kong Stock Exchange-listed Summit Ascent has announced a 50 percent increase in revenue for 2022, topping HK$372.3 million ($47.43 million), ‘predominantly attributable to the local Russian mass table and electronic gaming businesses’.

Hong Kong-listed LET Group Holdings Ltd, formerly Suncity, has issued a profit warning for FY22, expecting a loss of some $52.1 million. However, the group noted that its Tigre de Cristal casino in Russia has helped offset the loss, contributing a near-40 percent increase in revenue, despite the challenges posed by the operating environment.

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.