Suncity Listko to buy stake in Russian casino op Summit Ascent

Sun City Group Holdings, a Hong Kong-listed vehicle controlled by Macau casino junket investor Alvin Chauchukwa (pictured), has reportedly acquired a stake in Russian casino operator Summit Ascent Holdings Inc.

That was included in a press release released on Sunday by the privately owned Sun City Group, which is managed by Mr. Chow.

While the Suncity brand is best known for supplying high-stakes Chinese casino gamblers to the Macau market, the publicly traded company, which has not included revenue streams from Macau gambling junkets in its filing accounts, has increased its gaming investments beyond Greater China, both in terms of new resorts like Hoiana in Vietnam and deals managed by third parties in other markets like Cambodia.

“SunCity Group Holdings has successfully acquired a portion of its stake in Summit Ascension and will participate in the second phase of the Tigred Crystal Resort and Casino in Russia,” the press release said.

The filing made no mention of the size of Suncity Group Holdings’ stake in Summit Ascension, nor did it say when the acquisition took place. The announcement followed the appointment of Andrew Locai Bong as a non-executive director of the Russian casino operator in December. Mr. Law is also the executive director of Suncity Group Holdings.

Summit Accent’s casino resort Tigre de Crystal is near the Russian Pacific port of Vladivostok and has been touted by its promoter for its short flight times in large swaths of North Asia, home to casino gambling keen consumers.

Tigre de Cristal is the only casino property currently operating in the integrated entertainment zone (IEZ), a casino development area located 50 km (31 miles) from Vladivostok. The Maritime Development Corporation, a government-owned company under the Ministry of Tourism, is promoting the Maritime Province IEZ.

Stylianos Tsifetakis, Summit Ascent’s chief operating officer in Russia, recently told GGRAsia that Tigre de Cristal is planning a “large scale expansion” through the opening of the second phase of Tigre de Cristal. The company is aiming for an opening in late 2020 or early 2021. The entire second phase is priced at US$500 million, according to Summit Ascent.

In late December 2017, Asian casino investor Lawrence Ho Yau Lung stepped down as chairman and non-executive director of Summit Ascent. The move followed Ho’s decision to sell his 17.4% stake in the company. Disclosure on the matter did not mention a reason for the disposal.

BY: 카지노

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