Russia’s famous casino, Tigre de Cristal has experienced a rise of nearly one-quarter revenue in the first half of the year 2019. This is because of the renewing of VIP gambling activity and an increase in slot machine play. There is an improvement of 24.2% in the revenue of the casino. The revenue from accounted is nearly HK$257.3m, i.e. around US$32.5m. There were pledges taken to reduce the reliance on VIP gamblers, but the revenue from VIP’s property is more than two-thirds, i.e. around HK$68.8m.
Recently, Hong Kong’s Summit Ascent Holdings with a 60% stake in the company powers Tigre de Cristal casino, which is an east Primorye gaming zone in Russia. The reported revenue is HK$257.3m, i.e. US$32.8m at the ending of six months of the year, i.e. June 30. From the last year, there is a gain of 24% in the revenue.
If we talk about Summit Ascent’s H1, the property earnings were up to 62%, i.e., HK$2.6m. The total profit came is HK$42.8m which is quiet more than H1 2018. In 2017, the net loss reported was HK $5.4m.
Total gambling turnover of VIP slots in a new relationship with Asia’s junk operator, Suncity Group was up to 28%, i.e., HK$8.4b. In April, ownership stake is boosted in the casino to 28%. After that, Tigre de Cristal’s VIP tables were reduced at the end of H1 2018, but by 2019, it has risen to 22.
The renewed activity on VIP slots seems like it reduces the Tigre de Cristal’s table business and the revenue falls to 7.3%, i.e., HK$77.4m. If we rename the mass tables in Russian rubles which are in comparison with Hong Kong has not fared well. Based on constant currency, the revenue rises by 2%.
This year, the slot machines of the casino that rely on local customers rise 36.5% to HK$90.6m. Despite that, only 22% of the slots risen. Then, 50 new machines are added to the casino gaming floor in H1 2018 and slots then improved to 5.5%.
After getting these constant gains, Tigre de Cristal is planning to have non-gaming facilities for its local customers, which include a Korean BBQ restaurant. It is expected to be opened by Q1 2020. On the other hand, Suncity is carrying its ideas for Phase II development by 2022.
