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.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
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.