Summit Ascent, formerly under the Suncity junket group, has announced that it returned to profit in 2022, recording gains of HK$30.9 million ($3.94 million), as opposed to a loss of HK$273.8 million ($34.89 million) in 2021.
The group notes that the increase is mainly attributable to a 40 percent increase in revenue, to HK$106.8 million ($13.61 million) and an impairment loss registered in 2021.
The group operates the Tigre de Cristal casino in Russia.
Summit Ascent is one arm of the LET Group, formerly known as Suncity before the group was renamed in the wake of the arrest of its founder Alvin Chau.
The LET group has recently undergone numerous financing drives, issuing some $6.37 million in new stock to pay of interest on an outstanding loan.
In 2022, the group recorded a loss of $82.31 million, leading it to procure a loan from Summit Ascent for up to $63.7 million.
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