Summit Ascent Holdings Ltd. said the deadline for reaching a definitive agreement on the first part of its plan to invest in two casino hotel projects in the Primorye Integrated Entertainment Zone around Vladivostok had been extended to August 31 “as the parties require further time to fulfill the conditions precedent”. The agreement would see Hong Kong-listed Summit, controlled by Lawrence Ho, take a 46 percent stake in Oriental Regent Ltd. which in turn owns half of First Gambling Co. of the Far East, which holds a Primorye operating license.
First Gambling has built the shell of a $130 million casino hotel which is to include 119 guest rooms, 25 VIP tables, 40 mass market tables and about 800 slot machines. Melco International Development Ltd., Ho’s flagship investment company, is to take a 5 percent stake in Oriental Regent. Melco and Summit would pay a total of $10 million for their stakes.