Summit Ascent revenue rises despite VIP closures in H1

| By Daniel O'Boyle
Summit Ascent - which operates resorts including Tigre de Cristal in Russia - saw gross gaming revenue grow 9.4% to HK$139.1m (£13.0m/€15.2m/US$17.9m) in the first half of 2021, despite VIP revenue falling to zero.

With no VIP operations – which brought in $50.0m in the first half of 2020 – active during the half-year, electronic gaming machines were Summit Ascent’s largest revenue stream, with revenue up 71.5% to $70.6m. Stakes on these machines were up 93.0% to €1.56bn.

Revenue from mass gaming tables was up 91.9% to $68.5m as stakes grew 68.1% to $237m.

After deducting bonus funds, the operator’s net gaming revenue was $122.7m. After including non-gaming revenue, Summit Ascent’s overall revenue was $129.5m.

The business did not reveal its expenses. However, it said it made an overall loss of $130,000. This was a major reduction from the $47.0m loss reported in H1 of 2020.

Chau Cheok Wa, chairman of Summit Ascent, said that its new majority owner Suncity Holdings – which acquired a 70% stake last year – has helped provide stability through a difficult time.

“Suncity brought in additional flexibility to become our company’s core mindset. We have a lot of bright ideas for growth; however, being able to sustain for now is the prerequisite to talk about tomorrow,” he said. 

“No one knows for certain how long the world will be disordered by COVID. Yet I am certain that even if the pandemic last for a while longer, Summit Ascent is well-equipped to survive the storm. Thanks to the Russian government, our shareholders, our staff and our suppliers for your support to our company during challenging economic times.”

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