Summit anticipates return to profit
Hong Kong-listed investor Summit Holdings has announced it expects the Tigre de Cristal casino resort in Vladivostok to return to profit in H1 2022, after reporting a loss of HKD$8m (£1m) for H1 2021.
The investor believes the casino will see a 37% increase on 2021, meaning reported approximate revenue will total HKD$123m ($15m) – enough to push the casino back into profit. While the adjusted EBITDA will increase from HKD$17m ($2m) for H1 2021, to around HKD$60m ($7.6) for H1 2022.
However, despite the news, Summit Ascent caveated the results by saying: “Although the Group’s integrated resort Tigre de Cristal is operating in the Russian Far East and has been self-sustaining without any bank borrowings, the Western sanctions resulting from the Russia-Ukraine conflict may cause significant long-term damage to the Russian economy.”