Russia's Tigre de Cristal casino's new relationship with junket operator Suncity results in dramatic VIP gambling rebound in first half of 2019.
If we look around the world at the state of regional gaming industries, there are almost no true “investments” anymore. Except maybe for one region.
Summit Ascent looks to raise $38 million with the share placement, and plans to prop up its Russian resorts with the money.
Alvin Chau, who is also the founder of Suncity, is now wearing two chairman hats, one for each of the two entities.
After Suncity upped their stake in Summit Ascent, analysts believe it will make a huge difference in Le Tigre’s VIP fortunes.
Suncity Group boosts its stake in Summit Ascent, which controls Russia's Tigre de Cristal casino, from 3.29% to nearly 28%.
The second-largest shareholder of Summit Ascent Holdings, John Wang, resigned as executive director and deputy chairman effective April 12.
On April 9, First Steamship provided a filing to the Taiwan Stock Exchange which confirms that the company is looking to sell off their assets of Summit Ascent.
Summit Ascent Holdings says Taiwanese investors in Russia's Tigre de Cristal casino have been approached about selling their shares to third party.
Issues with VIP junket operators result in small revenue decline for Russia's Tigre de Cristal casino in 2018 as property refocused on premium mass play.