VIP surge drives Summit Ascent 17H1 revenue

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 a number of non-cash items including depreciation and amortisation, imputed interests arising from non-interest bearing shareholders’ loans.  

The main contributor to revenue came from its rolling chip business, which saw a 140 percent increase in 17H1 to HK$8.4 billion.

The operator says it expects the simplified visa regime for foreign visitors to Vladivostok, which began in August 2017, will accelerate the growth of foreign tourism and provide additional room to further ramp up its business.