# Russia's Tigrede Crystal Casino Resumes Business

Hong Kong-listed Summit Ascent Holdings said Tigred Crystal Casino Resort (pictured), where the resort holds a major stake, has been granted permission to resume operations from today (July 16). Games at the resort had been temporarily suspended since March 28.


Tigre de Cristal is located in the Maritime Integrated Entertainment Zone near Vladivostok, a Russian Pacific port city in the province. Summit Ascent is the principal promoter of Tigre de Cristal, with a 60% stake in the property operator Oriental Regent Ltd.

Hong Kong-listed Suncity Group Holdings Ltd is the largest shareholder of Summit Ascent. The company is in the process of increasing its stake in the company. Suncity Group Holdings is controlled by Macau junket boss Alvin Chau Cho Check Wa.

"The governor of the Primorye State has agreed to allow Tigred Crystal to resume operations from July 16, 2020," Summit Ascent said in a filing on Wednesday.

"Game zones, hotels and other amenities will be allowed to resume operations in accordance with the respective measures recommended by the Russian government," the company added.

The company noted that the group will continue to focus on "local markets" because Russia's borders are "not yet fully open."

"By allowing Tigred Crystal to resume business earlier than expected, the group sees the reopening as contributing to the group's business," Summit Ascension said

The company said it has implemented "strict cost control measures since the outbreak of the COVID-19 pandemic, including offsetting unused annual allowances, taking unpaid leave, reducing travel expenses and renegotiating contracts with subcontractors."

Summit Ascent stressed in its report that it was "trying its best" to support the Russian government's call to retain local employment amid the economic crisis related to the pandemic. "As of today, the group has not laid off any employees during this COVID-19 crisis," the company said.

The reopening of Tigred Crystal "not only allowed employees to return to work, but also allowed the upgrade work of Tigred Crystal to continue," the company said. The latter is the addition of a new Sun City VIP gambling center, Korean and Chinese restaurants, and about 30 hotel rooms.

"Upgrades are expected to be ready once the pandemic is resolved," Summit Ascent said.

Summit Ascent reported a profit of HK$82 million ($10.6 million) for the calendar year 2019, compared with a profit of about HK$7.6 million a year earlier.

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