Hong Kong-based Suncity Group Holdings announced that the operator has increased its stake in Summit Ascent Holdings to 69.66%.
Summit Ascent is the majority owner of Russian casino Tigre de Cristal. Suncity have designed a major expansion for the Tigre de Cristal that is set to include doubling the number of tables and slot machines, as well as a substantial increase in the number of hotel rooms. The estimated cost of the expansion is set to be close to $200 million.
Suncity are looking to take advantage of the traffic to Vladivostok; actively targeting players in the East Asian markets of South Korea, Japan and China. Suncity has proposed to open a new VIP room at the Tigre de Cristal once COVID-19 social distancing restrictions have eased.
Alvin Chau, chairman of Suncity Group was delighted with the positive growth of the Hong Kong-based firm.
“Gradually we are paving the way for Suncity to be a leading integrated resort operator and developer in Asia. As more Suncity integrated resorts are on their way, I am convinced that Suncity will become the most iconic entertainment name amongst Asia’s integrated resort scene.”
Chairman of Suncity and Summit Ascent, Chau Cheok Wa was delighted with the company’s ambitious expansion plans.
“I am thrilled to see a second up-and-running integrated resort under Suncity in the year of 2020, amidst a suboptimal business environment. I am amazed by the determination for Suncity to grow across Asia, and my team is executing my vision one step at a time,” he added.
“Gradually we are paving the way for Suncity to be a leading integrated resort operator and developer in Asia. As a businessman, I believe in operational track records. The resilience in the local Russian mass and slots businesses even in times of COVID, plus Suncity’s entertainment operating expertise can blend to become the perfect potion for future success. Suncity will leverage the proximity of Vladivostok to nearby tourism markets such as South Korea and Japan to roll out facilities tailored to these tourists. As more Suncity integrated resorts are on their way, I am convinced that Suncity will become the most iconic entertainment name amongst Asia’s integrated resort scene.”
This is not the first major casino project for the Suncity Group. The Hong Kong firm also has control of the Hoiana casino resort in Vietnam.