Suncity Group Chief Investment Officer (CIO) Andrew Lo Kai Bong has taken a position on the board of Summit Ascent Holdings, an investor of the Tigre de Cristal casino resort in the Russian Far East. Lo joins the board as a non-executive director and won’t receive a salary and will continue to serve as the CIO for the privately-held Macau junket operator.
While not entitled to a salary with Summit, Lo will receive reimbursement for out-of-pocket expenses. Lo will also continue as an executive director for Suncity Group Holdings, which is controlled by Alvin Chau Cheok Wa, the founder of the Suncity brand. Suncity is involved in a range of casino projects in Macau, Cambodia and Vietnam.
The appointment to the Summit board was effective as of December 12 and will be valid for three years, terminating on December 11, 2021. His contract may be extended for three-year periods in accordance with the rules of the Hong Kong bourse.
Tigre de Cristal is being built near Vladivostok on Russia’s Pacific coast. It is billed as a casino that is within reach of a large number of North Asian gamblers and Lo’s involvement comes due to his expertise in “corporate management, mergers and acquisitions” and experience in the gaming industry.
This past September, Summit indicated in an interim financial report that its revenue derived from gaming operations had reached $24.4 million, an increase of 4.4% year-on-year. However, rolling chip volume for the VIP segment had dropped and rolling chip turnover was down 22.6% to $833.2 million.
Tigre de Cristal is the only casino currently operating in the Primorye Integrated Entertainment Zone (PIEZ). The area was established as a casino resort destination and is about 31 miles from Vladivostok. It is being promoted by the Primorsky Krai Development Corp, a company owned by the government and managed by the Primorsky Department of Tourism.
The resort announced this past October that it was planning on a major expansion. Through an investment of as much as $300 million, Tigre de Cristal will see more hotel rooms, a new gaming venue, restaurants and a conference space. Ahead of the expansion, it anticipates adding “eight villas, and approximately 20 to 22 serviced apartments [by next summer].”
