Summit Ascent announced to the Hong Kong Stock Exchange on Friday that it was suspending its gaming operations at Tigre de Cristal in Primorye and would offer only limited hotel services.
“The aim of the temporary suspension is to prevent crowds gathering during the pandemic. The group fully supports President Vladimir Putin and the Russian Government’s measures to combat Covid-19, as the health and safety of our guests and our team members are of
paramount importance,” the statement read.
The period of gaming suspension might be lifted on April 5.
The Suncity Group is currently a major shareholder in Summit Ascent, holding a 25 percent share, with Alvin Chau having been appointed chairman in June of last year.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
Kenanga Research expects Malaysia's casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.