Summit Ascent reports $27.2m in revenue for 2020

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Summit Ascent reports $27.2m in revenue for 2020

Summit Ascent Holdings reported HK$211.2m ($27.2m) in revenue for the 12-month period for the year ended 31 December 2020, a 60% drop from HK$532.8m recorded in 2019. Profit attributable to owners of the company declined 88% year-on-year to HK$10m.

Tigre de Cristal (pictured), the group’s casino resort in Russia, reported net revenue of HK$202.9m for FY2020. The casino reported a negative adjusted EBITDA of HK$14.7m, compared to a positive adjusted EBITDA of HK$214.8m in 2019. The total GGR was HK$249.7m, a 69% year-on-year drop from HK$814.7m. GGR from mass tables was HK$92.7m, against HK$185.1m the previous year, and electronic gaming business earned HK$104.9m, compared to HK$188.3m in 2019.

“I am glad to report a silver lining,” said Summit Ascent chairman Chau Cheok Wa in a statement. “Since the reopening in mid-July, not only did Tigre de Cristal manage to break even on a month-on-month basis, it also delivered a positive Adjusted EBITDA in the second half of 2020.”

The decline in figures was primarily due to the temporary suspension of the gaming operations of Tigre de Cristal throughout 2020 and the lack of incoming visitors due to border restrictions and other pandemic safety measures.

In the released statement, the group also said the Tigre de Cristal Phase I upgrade is ready, including a new Suncity VIP room. The group is ready to begin Phase II planning and design.