Hong Kong-listed Summit Ascent Holdings Ltd reported Monday that total net profit for the full calendar year 2018 was HK$463.2 million ($59 million), down 1.6% year-over-year.
Summit Ascension, a leading developer of Russia’s Far East Tigre de Crystal Casino Resort (pictured), posted a profit of HK$7.6 million in the period, compared with a profit of about HK$13.8 million a year earlier.
The company attributed the “weak 2018 ruble” to lower sales compared to Hong Kong dollar performance during the same period. While Summit Accent’s revenue is mostly in Russian currency, the company reports its financial results in Hong Kong dollars.
“If the group had used the average monthly exchange rate to convert total revenue in 2017 and 2018 into Russian rubles, it would have reported [an increase of 6% year over year],” the company said.
One of the main contributions to Tigred Crystal’s 2018 performance was the casino’s rolling chip operation, which is “mainly aimed at foreign players.” Summit Ascent said the company’s rolling chip sales fell from about HK$18.79 billion in 2017 to about HK$15.56 billion in 2018. Net income fell 35.5% year-on-year to HK$190 million in 2018 after all fees fell directly or indirectly to customers in its rolling chip business.
Summit Accent’s casino resort Tigre de Crystal is near the Russian Pacific port of Vladivostok and has been touted by its promoter for its short flight times in large swaths of North Asia, home to casino gambling keen consumers.
Tigre de Cristal is the only casino property currently operating in the integrated entertainment zone (IEZ), a casino development area located 50 km (31 miles) from Vladivostok. The Maritime Development Corporation, a government-owned company under the Ministry of Tourism, is promoting the Maritime Province IEZ.
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