The Hong Kong-listed Summit Ascension Holdings, an investor at Tigred Crystal Casino Resort near Vladivostok, Russia’s Pacific port, said it expects to post annual profit of about HK$30.9 million ($3.9 million) in 2022, compared with a loss of HK$273.8 million in 2021.
It said the expected improvement was mainly due to revenue of HK$106.8 million, up about 40% year-on-year. And the 2021 deal recognised an impairment loss of about HK$136.9 million in “property, operational rights and equipment.”
In August, Summit Ascension reported a loss of HK$131,000 in the year-ago period, with owners’ profits of just under HK$85.2 million in the first half of 2022. At the time, the company attributed the improvement to “the Russian Federation’s strong domestic market.” 경마사이트
The company added that it was “finishing its audited annual results by December 31, 2022” which it expected to be issued at the end of March.
At the end of January, Summit Ascension said it had conditionally agreed to provide a principal revolving loan of up to HK$500 million to its Hong Kong-listed parent company, Casino Investor LET Group Holdings Inc.
“The impact of the Russia-Ukraine conflict has had a serious impact on the Russian economy and its ability for tourists to freely enter and exit Russia, which in turn has a serious impact on the prospects of the Tigred Crystal,” Summit Accent said in a joint file at the time.