Summit Ascension halves 2018 full-year revenue decline profit

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.

BY: 릴게임사이트

Related Posts

RFKR Confirms Request For New Closing Of Incheon Casino

On Dec. 29, R&F Korea (RFKR), the organizer of the stopped foreigner-only casino project (shown in file photo) in Incheon, applied for an additional extension, which is the…

SOFTSWISS Fraud Inspection Helps Operator Secure US$14M In 2023

SOFTSWISS, which provides digital technology to the online betting and online casino sector, has helped secure more than 13 million euros ($14.2 million) for industry customers over 2023…

토토사이트 – Real Madrid reveals astronomical buyout of Bellingham and Vinicius

Real Madrid’s key midfielder Jude Bellingham’s buyout was revealed. The British Daily Mail quoted “Talk Sports” on the 13th (Korea time) as saying, “Bellingham was found to be…

Nova Scotia Man Wins Biggest Instant Winner Award

Most recently, a Nova Scotia man has become part of history because he is the biggest instant winner on alc.ca , the Atlantic Lottery Company said. The lucky…

Saudi Arabia’s NEOM project unlikely to match Korean firms’ expectations

Korean companies may not be able to enjoy the benefits they have anticipated from Saudi Arabia’s NEOM project, as the Middle Eastern country appears to be scaling down…

Frost discovered on top of giant Mars volcanoes

Early morning frost has been detected on the peaks of massive volcanoes on Mars, an unexpected discovery about the dispersal of water on Mars that could one day…

Leave a Reply

Your email address will not be published. Required fields are marked *