Tigre de Cristal is the first of as many as 8 casinos expected to open in the Primorsky Integrated Entertainment Zone (IEZ) outside of Vladivostok, Russia. Summit Ascent Holdings (Lawrence Ho) is the majority stake holder in the integrated casino resort located on Murav’inaya Harbor near Cherepaha Cape. The given address is 73 Buhta Muravinaya, Artyom, 692760.The first phase of the project opened with a soft launch on Oct. 8, 2015 with full casino gaming, eateries, and 121 room hotel on Nov. 11. Phase II is expected to open in 2018 and will include a 4 star hotel with 300 rooms and a 5 star hotel with 200 rooms. Additional gaming opportunities will include 500 more slot machines, 100 VIP tables and 70 Mass gaming tables. Non-gaming facilities will feature a shopping mall, additional food and beverage outlets, a nightclub, spa center, and conference facilities.At build-out the total number of slots is expected to be 1,300 slots, 125 VIP gaming tables and 110 Mass gaming tables.
Locals seeking staycations are likely to provide strong support for Summit Ascent in the short term until international travel resumes, Citic Securities analysts wrote in a note.
Summit Ascent Holdings has reiterated that it is preparing an additional US$200 million in investment funds for the Tigre de Cristal second phase development.
Deputy Prime Minister of Primorye Konstantin Shestakov celebrated the results of casino development in the Russian Far East on Friday, even as he revealed that construction at the NagaCorp facility was suspended over the Covid-19 impact.
Suncity has now increased its stake in Summit Ascent from approximately 24.7 percent before the recent rights issue to approximately 69.7 percent, taking a controlling stake in the operator of Tigre de Cristal in the Russian Far East.
The casinos in Russia's Primorye and Siberia zones have extended their operational suspensions for an indefinite period of time amid the Covid-19 outbreak.
Summit Ascent Holdings, operator of the Tigre De Cristal casino in Vladivostok, says it expects to see a cluster effect from nearby casinos as early as 2021 or 2022. There are currently three integrated resorts under construction in the region, including NagaCorp’s Naga Vladivostok (2020), Fortune Diamond’s Imperial Casino (late 2020), and the Shambala Casino […]
The second phase of the Tigre de Cristal’s development in the Primorye Gaming Zone in the Russian Far East is now likely to open in early 2022 following changes to its design, owner Summit Ascent said.
Summit Ascent Holdings said it is looking to place up to 300 million shares, in order to raise funds to further develop its gaming business in Russia. On Thursday, the company agreed to place up to 300 million placing shares at a price of HK$1.01 per share. Summit Ascent Holdings said it expects net proceeds […]
Suncity Group Holdings has bought a further 24.68 percent stake in Summit Ascent Holdings for HK$717.8 million ($91.5 million) as it seeks to build an “integrated tourism-related platform.”
First Steamship Co. is considering an approach to buy its entire stake in Summit Ascent Holdings, saying a potential gain would help boost the group’s earnings.
Hong Kong-listed Summit Ascent Holdings, the operator of Tigre de Cristal in Russia posted a loss for H1, though the company saw a significant improvement in mass table revenue. The group posted a total loss of $10.3 million, narrowing from $33 million in the prior year period. Though total income attributable to owners of the […]
Rashid Teymasov, the former head of Royal Time Group has been declared bankrupt, while the company he headed has exited all projects in other Russian gambling zones except Azov-City, local media reports. The Oracul casino in Azov-City was the first to open after the Russian authorities restricted gambling activities to designated zones back in 2010 […]
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. […]
Russia’s parliament has pushed through a law that will exempt casinos from the need to deduct taxes from their clients’ winnings. The law was signed by President Vladimir Putin just before the year-end, when the legislation making casinos de-facto tax agents was due to come into force. According to the new law, casinos are no […]
Lawrence Ho said he is selling off his entire stake in Summit Ascent Holdings, shortly after the Russian government announced changes that could potentially double taxes for the company’s Tigre de Cristal resort near Vladivostok. Ho, who is chairman of Summit Ascent, holds 1.34 percent directly and a further 16.03 percent through his wholly owned […]
Tigre de Cristal may suspend its operations in Russia over a new law which would require the operator to collect taxes from its clients, reported PrimaMedia, citing interim vice-governor of Primorye Territory Tatyana Kazantseva. According to a new law signed by President Vladimir Putin last week, gambling organizers will be required to collect taxes on […]
Gaming brokerage firm Union Gaming says it is downgrading its view of Summit Ascent Holdings due to the recent news of a two-fold increase in gaming taxes in Russia. Should the new bill be passed, Union Gaming says it would have an HK$11 million impact on its 2018 EBITDA estimate for the group. There is […]
Summit Ascent Holdings, the operator of Tigre De Cristal has warned investors of a potential doubling of gaming tax rates in Russia. Under a draft bill submitted to the State Duma, the government proposed to raise the maximum tax leviable per gaming table to RUB250,000 from RUB125,000 and the maximum tax leviable on gaming machines […]
The DOMINO trading zone in the Primorye-based Tigre de Cristal entertainment complex has been certified “China Friendly” under the Russian federal program which encourages travel for Chinese tourists. China Friendly is a federal program in which travel companies, hotels, museums, etc. from Russia get certified for a fee, in exchange, they are advertised on the […]
Russian casino operator G1 Entertainment LLC has applied for trademark registration for its Tigre de Cristal brand in Macau, according to the Official Gazette. The application included a number of services which included, but not limited to: amusement parks, recreational facilities, provision of casino facilities, gaming services, lotteries, night clubs, and rental of gaming equipment. […]
Craig Ballantyne, chief operating officer of Summit Ascent Holdings is resigning from his current position to take on a new role at Melco International Development Ltd. While the date of departure was not specified in the Tuesday filing, it is understood that Mr. Ballantyne will make his move once he completes the handover of his […]
Summit Ascent Holdings, operator of the Tigre de Cristal in Vladivostok, saw revenues increase 20 percent in the first half of 2017, attributed mainly to an influx of VIP revenue in the period. Total revenues for the year reached HK$204.6 million. The company recorded a net loss of HK$5.3 million in 17H1, attributed mainly to […]
Summit Ascent Holdings, operator of Tigre de Cristal in Vladivostok, is set to continue to get free reign over the market for at least the next two years, says Union Gaming. The brokerage said its VIP segment will be the main winner, forecasting a 80 growth in VIP volume in 2017. The casino saw VIP […]
A local court has upheld a decision by the Corporation of the Primorsky Territory gambling zone in Russia’s Far East to terminate a contract with the Royal Time Group over delays in the construction of its casino project. According to Betting Business Russia, the Arbitration Court of Primorsky Territory made the decision on June 1st. […]
Russia’s major casino – Tigre de Cristal – in the Primorye gambling zone receives 95 percent of its revenues from foreign tourists, Primorye Vice Governor Evgeny Polyansky who oversees the zone said earlier this week while meeting local deputies, according to a statement from the local authorities. “The entertainment complex is visited by about 1000 […]
Russian casino operator Summit Ascent Holdings Ltd swung to a net profit of HK$559,000 (US$71,800) in the full year 2016, compared to a net loss of HK$85.4 million in 2015. 2016 was the first full calendar year of operations of Tiger de Cristal, which grew rolling chip turnover from HK$3.5 billion in 16H1 to HK$10.6 […]
The Primorye Territory Development Corporation is seeking to terminate its agreements with Royal Time Primorye, as a result of the latter missing its construction deadlines, Russian media reports. The court filing was made on April 5 in the regional arbitration court. Earlier, Primorsky Territory Vice-Governor Evgeny Polyansky said that residents of the Primorye gambling zone […]
Representatives of the Chinese investment company Zhonghe Linhai (Harbin) have expressed the desire to become investors in the Primorye gambling zone. According to local authorities, a working meeting between Zhonghe Linhai president Wang Wenli and representatives of the local administration took place during the visit of the Chinese delegation to the region last week. Head […]
The operator of Tigre de Cristal has had to cut the number of gaming tables by half and do away with its poker rooms due to competition with illegal gambling rooms and lower than expected revenues, Betting Business Russia reports. G1 Entertainment director Craig Ballantyne in an interview said that when the casino opened in […]
Summit Ascent Holdings’ G1 Entertainment says it is currently preparing for its second gaming facility, which will be in partnership with South Korean casino operator Kangwon Land, according to a report on the local government website. “There are plans to build a facility of 100,000 square meters, including 400 to 500 hotel rooms… At the […]
The potential increase in gaming device tax paid by casinos in Russia has not yet been finalized contrary to media reports, says brokerage Union Gaming. In a note on Monday, analysts from Union Gaming made reference to media reports over the weekend detailing a two-fold increase in gaming tax rates – applicable to all taxable […]
Russia’s Tigre de Cristal casino, operated by Hong Kong based Summit Ascent Holdings had reportedly welcomed over 200,000 people in 2016, according to local official Konstantin Shestakov. In comparison, the Altai Palace casino in Siberia received just over 27,000 people in the January-November period in 2016, while Russia’s first gambling zone Azov-City in Krasnodar Region, […]
A group of Chinese companies, Guo Wei have expressed interest in investing in the Primorye gambling zone, according to the Primorye Territory Development Corporation. The delegation reportedly visited Vladivostok on Tuesday, and were shown the Tigre de Cristal casino, as well as land lots of other investors, where construction works are currently under way. The […]
Hong Kong-listed Summit Ascent Holdings Ltd is expected to hit “mid-teens” EBITDA growth in 2017 and 2018, and outsized growth in 2020 following Phase 2, said Union Gaming in a note on Monday. According to the brokerage, Summit Ascent’s first mover advantage, combined with an operator-friendly tax environment, and the high potential of Russia’s VIP […]
The company behind Russia’s largest casino, Tigre de Cristal, plans to invest about $500 million in the second phase of the project, according to a press statement quoting Craig Ballantyne, executive director of G1 Entertainment. “There are plans to build a facility with the area of 100 thousand square meters, including 400 to 500 hotel […]
Tigre de Cristal, operated by Summit Ascent Holdings has reportedly yielded nearly RUB 500 million ($8 million) in tax revenues and payments in its first year of operations, local media reports. “G1 Entertainment, a resident company of the Primorye integrated entertainment resort, launched the work of its first facility, Tigre de Cristal, in October 2015. […]
Overseas (ex-Macau) VIP gaming revenue grew 27 percent year-on-year in 16Q2 after two years of negative growth, said Morgan Stanley in a note on Tuesday. “Part of that was driven by new casinos in Saipan /Vladivostok and part from junkets moving to low tax jurisdictions like the Philippines,” said the brokerage, referring to Imperial Pacific’s […]
Macau gaming operator Melco International Development has reported more than 90-fold increase in net profit for the six months ended June 30, 2016 – derived from a special gain from taking majority control of Melco Crown Entertainment Limited (MCE). The company became the single largest shareholder of MCE after Australian-listed Crown Resorts reduced its stake […]
Summit Ascent Holdings Ltd has announced it has entered into a non-binding agreement with Kangwon Land Inc for “potential areas of cooperation and strategic partnership”. The deal includes a “possible Korean contractor and Korean project finance for phase two” of Tigre de Cristal, as well as “project finance investment in phase two by Kangwon Land.” […]
G 1 Entertainment, a key investor in the Far East Primorye special gambling zone, has opened a virtual golf club on the premises of Tigre de Crystal casino. According to an announcement from the Primorye Territory administration found on its website, the $150,000 virtual golf club is named Cristal Golf. “We are trying to be […]
Lawrence Ho’s Summit Ascent Russia is said to have a majority of the directors on the board of Oriental Regent, owner of Tigre De Cristal in Russia. According to its filing to the Hong Kong Stock Exchange last Friday, the company will have four out of seven directors on the newly expanded Oriental Regent board, […]
Summit Ascent Holdings, operator of Tigre de Cristal, located in Vladivostok, Russia, reported a loss for the year attributed to owners at HK$85.4 million (US$11 million), according to a filing to the Hong Kong Stock Exchange. The loss was expected for the company, headed by Lawrence Ho, as it celebrated its Grand Opening on Nov. […]
Russian-casino developer Diamond Fortune unveiled its plans for its US$900 million Selena World Resort to the Primorsky Territory Administration last week, local media reports. Located in Russia’s Primorye gaming zone, near Russia’s Far East, the casino will consist of three distinct areas and gaming floors, Golden Gate, Moon Gate and Sun Casino & Resort, all […]
John Wang, CEO of First Gambling Company, told Russian news agency Prima Media that over 50 percent of Tigre De Cristal’s casino visitors since opening have been from Asia, according to a local source. However, the flow has decreased due to the winter season, according to Wang, and he expressed hope that the summer season […]
Chinese gamblers are making their way to Russia’s Primorsky Integrated Entertainment Zone (PIEZ) in droves, says the Siberian Times. Located near the Russian borders with China and North Korea, the entertainment zone and operators within reportedly receive around 80 percent of their revenue from the Chinese, Japanese and South Korean VIP gamblers. Citi Research has […]
Future investors in the Primorye gambling zone in Russia’s Far East will need to make a special contribution worth about 1.5 billion roubles ($23 million) towards infrastructure development, according to the local administration’s web site. Primorye Territory Vice Governor Sergey Nekhayev announced new conditions for future investors during a visit by Russian Minister for Far […]
The first casino has officially opened in the Primorye Gambling zone in Russia’s Far East, a month after its test launch on Oct. 8. The grand opening ceremony of Tigre de Cristal took place between 0730 am and 1130 pm local time on Nov. 11, with the casino having been closed to the public at […]
In a bid to speed up the construction of the Primorye gaming zone, Russian authorities have decided to introduce new conditions for investors, local media reported. After proving they have the funds to successfully implement their projects, investors will now have to compete based on which can offer the most promising conditions, Russian Presidential Envoy […]
Summit Ascent Holdings said in a filing that its majority-owned integrated resort development in the Russian Far East is expected to undergo a three to six month ramp-up period before full operating capacity is reached. The Phase I project, Tigre De Cristal, in the integrated entertainment zone of the Primorsky Krai in the Russian Far […]
Russia’s much delayed Tigre de Cristal casino complex in the Primorye region in Russia’s far east was presented to delegates at the Eastern Economic Forum, which wrapped up last weekend in Vladivostok. Slot machines were available in a demo mode for delegates to try out, according to regional news agency Primamedia.ru. Craig Ballantyne, who will […]
Crimean leader Sergey Aksyonov told Russian radio station Russkaya Sluzhba Novostey that the location of the Crimean gaming zone has finally been determined and will be situated on the coast in an area called the Big Yalta. Aksyonov added that a plan for the zone had been prepared and that all the necessary documents […]
Summit Ascent Holdings said it has now completed the hiring for its new casino in Vladivostok and expects to open the delayed property no later than August 28th. In a Hong Kong Stock Exchange filing, the company said its First Gambling Company of the East unit continues to make solid progress on the resort despite […]
The Primorsky Krai Development Corp (PKDC), which is responsible for management of the Primorye gaming zone, expects a key project to move ahead in May this year, despite the outbreak of the coronavirus and remains upbeat about the region’s longer-term prospects.
Three firms from South Korea are eyeing projects in the Primorye gambling zone in Russia’s far east, with Summit Ascent, the region’s only existing operator, predicting benefits from a “cluster effect” by 2021. The zone is considered the most viable of Russia’s gambling regions due to its close proximity to the North Asian markets, in […]
Operators in Russia’s Far East have won a reprieve from a potentially punishing new tax regime and are now discussing further development plans with the government of the zone. In the interests of long-term investment, Primorye chose to leave taxes unchanged. It now hopes to attract further investors through land auctions this summer and to introduce more non-gaming elements.
Russia has passed a bill that doubles tax rates for both land-based casinos and bookmakers, with even more hikes in the pipeline, raising concern the ever shifting sands of regulation are changing the outlook for the industry and threatening foreign investment. Steve Gallaway, managing partner at Global Market Advisors, says the “changes to the tax regime are devastating for the IEZ (Integrated Entertainment Zone) in Primorye,” referring to the most developed of Russia’s gaming zones.
The Russian gambling zone of Primorye, which has not been developing as fast as anticipated, is stepping up its efforts to attract more investors as part of an ambitious plan to almost treble visitor numbers by 2025. The company developing the zone is seeking expressions of interest to auction three plots of vacant land and has held talks with groups from Russia, Europe and China.
Russia’s southern and western gaming zones have seen a flurry of activity over the past few months, while reports have emerged of new areas being considered for casino investment. Moscow designated four zones for casino gambling in 2009 in remote locations on the fringes of the country and outlawed gambling anywhere else. Since then, the zones have been expanded to six to include the Crimea and Sochi, the home of the 2014 Winter Olympics. While one of the original zones -- Azov City -- is expected to be closed down. According to reports more zones may be on the cards, raising question marks over the shifting sands of Russian regulation for foreign investors.
Tigre de Cristal, Russia’s biggest casino, is focusing on its non-gaming attractions to boost revenue following lower-than-expected demand from locals for its casino offering. While the resort is primarily targeting visitors from Northern China for growth, at present the tourism infrastructure is lacking, forcing a greater focus on the domestic market, experts say.
Russian gambling industry executives have lambasted a Finance Ministry proposal to raise gaming taxes, saying that such an initiative would "destroy the gambling business." To date, one of Russia's key draws for foreign investors has been its low taxation rate. If taxes rise tenfold as proposed, the industry will come to a standstill, participants say.
While Beijing’s anti-corruption drive has often been blamed as a primary factor behind the slump in Macau’s gaming revenue, the same regime is also responsible for proposing and supporting another initiative that may have widespread implications for the development of the Asian gaming industry -- the “One Belt and One Road” project. The plan to develop the old Silk Road linking Asia to Europe is likely to provide a significant boost to tourism in tandem with the gaming industry.
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. Speaking to AGB, Eric Landheer, Director - Corporate Finance and Strategy of Summit Ascent Holdings says the resort has a unique market position and is one of the only true integrated resorts in northern Asia.
The first casino in Russia’s Far East, which has been touted as a potential Macau of the north, has officially opened after lengthy delays.The Tigre de Cristal held its soft launch on Oct. 8th in the Primorye gaming zone near the city of Vladivostok. The debut of the casino has been postponed multiple times since 2011, but the pace of development picked up when Asian investors became involved in the project in 2013. The resort is expected to appeal mainly to travellers from northern China and Korea, although unlike in many other Asian countries locals will also be able to participate. About 300 million people live within a three-hour flight of Vladivostok.
Potential investors say they remain upbeat about the prospects for Russia’s gaming zones, despite continuing regulatory uncertainty and the unpredictability of the government, which abruptly announced the shutdown of the Azov area earlier this year. Russian Gaming Week, held in Moscow from June 3-4, attracted about 4,000 attendees, double the number of the prior year.