Russia – A casino, hotel and entertainment complex in Russia; Tigre de Cristal has today announced the completion of a renovation to the establishment, adding a luxury VIP room that will be soon ready to welcome its first VIP guests.
The news comes just days after the majority owner of the property; Summit Ascent Holdings, reported a fifteen percent increase in gross gaming revenue for the twelve month period last year.
Summit Ascent Holdings Limited is a Hong Kong-based investment holding company, which mainly operates businesses in Hong Kong.
Alvin Chau, chairman of Suncity Group Holdings, the venues largest shareholder, commented on the news:
“We are excited to apply our extensive experience in the rolling chip business to move up the value chain at Tigre de Cristal and have been rapidly making alterations and improvements to attract and retain our discerning clientele. We are also excited to announce that the construction of our luxurious new Suncity VIP room at Tigre de Cristal is nearing completion and will welcome VIP guests soon.”
Chau added further details of the firms activities and renovation:
“Later this year, we expect to add approximately 30 hotel rooms through an extension to the existing property, thereby mitigating our shortage of rooms on peak weekend times and expanding our lodging capacity by approximately 25%. In addition, a new private club, a new hot pot section in the Pan-Asian restaurant and a stand-alone noodle bar are being added to the property’s amenities. We are also proud that the Company managed to post its second consecutive year of profit growth, and our majority-owned operating property maintained positive EBITDA expansion during this period of transition.”
Summit Ascent Holdings also spoke about the excitement surrounding the renovation:
“The comparatively low gaming tax rate in the Russian Federation enables our majority-owned subsidiary to pay attractive rebates while maintaining solid margins, and Suncity, as the single-largest shareholder of the Company, captures virtually all the additional economics by using the equity method of accounting to share in the results of the Group. We will continue to enhance the non-gaming offerings at Tigre de Cristal in order to further attract player volumes and drive higher value rolling chip business to the property.”
Suncity Group Holdings is a company listed on the main board of the Hong Kong Stock Exchange and is engaged in the development of residential and commercial properties as well as leasing of commercial properties.