Summit Ascent Holdings, a major developer of the Tigred Crystal Casino resort in Russia’s Far East, has seen a significant increase in visitor numbers and its casino business since it opened in October 2015. The Hong Kong-listed investor says he is encouraged by the support provided by local authorities and master plans for new gaming and entertainment zones.
“Some of the main hurdles we had at the beginning were the local market’s perception of casinos. When we first opened, visits from the local market were very low and unplayable, and we were relying heavily on the junket market,” said Stylianos Tsifetakis, head of business operations in Russia.
He later noted that the casino’s main floor lacked players early on. The situation has now improved, he added.
“After three years of operation, we learned that most of the revenue comes from the local market and not from the junket sector,” the executive told GGRAsia at Tigre de Crystal.
Tigre de Cristal is currently the only casino property operating in the Maritime Integrated Entertainment Zone (IEZ), a casino development area located 50 kilometers (31 miles) from the Russian Pacific port city of Vladivostok. The Maritime Development Corporation, a government-owned company under the Ministry of Tourism, is promoting the Maritime Province IEZ.
Summit Accent posted gross revenue of HK$270.8 million ($26.5 million) in the first six months of 2018, slightly up 1.5% from HK$244.6 million a year earlier, the company said in September. The casino investor posted a first-half net profit of HK$2.6 million, a loss of HK$5.4 million a year earlier.
Mr Cipetakis said the company and authorities promoting its Primorsky IEZ have each learned these since Tigred Crystal opened three years ago.
“Initially, some of the challenges we faced involved cooperation with the law, local and federal governments,” the COO explained. “That completely changed as things happened a lot faster and we got a better understanding of the casino business because they were very supportive.”
He added: “We have to have stability, especially in terms of legislation, so that doesn’t change very often. We have some discussions with the authorities and they understand that stability is essential to the development of this industry.”
BY: 온라인 슬롯