Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.
Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.
The Russian Far East has hosted the Tigre de Cristal casino since 2015, but with the grand opening of Shambala on October 16, Primorye is now truly a gambling zone in competition with its regional neighbors.
Summit Ascent Holdings has reiterated that it is preparing at least US$200 million in investment funds for the Tigre de Cristal second phase development.
Summit Ascent Holdings has reiterated that it is preparing an additional US$200 million in investment funds for the Tigre de Cristal second phase development.
Deputy Prime Minister of Primorye Konstantin Shestakov celebrated the results of casino development in the Russian Far East on Friday, even as he revealed that construction at the NagaCorp facility was suspended over the Covid-19 impact.
The first phase of the Shambala resort in Russia's Far East opened on Friday evening with an entertainment show and cash prize draw. It's the second casino to open in the Primorye region.
The Shambala casino is set to become the second such facility in the Russian Far East with its grand opening set for this Friday. This casino will become the direct competitor to the Tigre de Cristal.
The second casino in Russia's Primorye gambling zone, the Shambala casino, is preparing for a grand opening and is already operating in a soft-launch...
The Primorye Development Corporation has filed an appeal to terminate an agreement with Prim Golden Gate LLC, owner of an investment project in the...