Summit Ascent’s earnings climbed despite having to close down their high-roller operations in the initial six months of 2021. The organization, which manages the Tiger Palace Resort in Russia, saw their overall gambling income increase by 9.4% to HK$139.1 million (£13 million/€15.2 million/$17.9 million) in the first half of 2021, even though VIP income fell to zero.
The company’s electronic gaming machines were the main source of revenue, with profits rising 71.5% to $70.6 million. Individuals wagered more on these machines, increasing by 93.0% to €1.56 billion.
Income from standard gambling tables rose 91.9% to $68.5 million, as bets increased 68.1% to $237 million.
After paying out winnings, the operator’s net gambling revenue was $122.7 million. Including income from activities other than gambling, Summit Ascent’s total revenue was $129.5 million.
The company did not disclose their expenditures. However, they stated they incurred a total loss of $130,000. This was a significant improvement from the $47 million loss reported in the first half of 2020.
Summit Ascent Chairman Alvin Chau stated that their new primary owner, Suncity Group – who acquired a 70% stake last year – has helped maintain stability during challenging times.
“Suncity has brought greater adaptability, becoming a key aspect of our company’s thinking. We have numerous ideas about how to expand.”
However, to discuss the future, we must be able to preserve the current state of affairs,” he remarked.
“The duration of the global disruption caused by COVID is uncertain. Nevertheless, I am confident that Summit Ascent is well-equipped to navigate this situation, even if the pandemic persists. We express our gratitude to the Russian government, our investors, staff, and vendors for their unwavering support during these challenging economic circumstances.”
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