Not content with owning a 3.29% share in Summit Ascent Holdings Ltd, Suncity Group, the Macau casino junket, has purchased further equity from the operator, but they’re remaining tight-lipped on just how much they’ve acquired butt hey did release a statement;
“Suncity Group Holdings has successfully acquired partial stakes of Summit Ascent and will participate in the second phase of Tigre de Cristal Resort and Casino in Russia.”
Suncity didn’t have far to travel to sign the paperwork, what with being situated right next door to Summit.
Headquartered in Japan, Summit Ascent are the operating force behind the ever-growing Tigre de Cristal casino in Russia, situated in Vladivostok, just 31 miles from the city, the casino is promoted by Primorsky Krai Development Corp, the government-owned tourism company. The deal allows the company to broaden its business into tourism deals with Asian casino operators. Suncity recently signed a deal with Paradise Co, which will see more Chinese tourists flock to South Korean casinos. If investment was slipped into Summit Ascent, Russia could expect more tourism and revenue would peak, effectively, they could kill two birds with one stone.
Summit are not exactly shy when it comes to investments, having invested directly with two international casinos in the past; two casino development projects in Cambodia and Vietnam, plus, Macau, the Philippines and Australia will also see VIP clubs opening. Stylianos Tsifetakis, Summit Ascent’s CEO announced the operator is also planning major expansion of the Tigre de Cristal casino, with $500 million set aside to finish the project by 2021.